Vedanta in talks with US-based Farallon to raise at least $1 billion

The company had also been in talks with at least three banks including Barclays Plc, JPMorgan Chase & Co. and Standard Chartered Plc for a syndicated dollar-denominated loan.

Anil Agarwal’s commodities major Vedanta Ltd is in talks with US-based Farallon Capital Management to raise at least $1 billion, a report. The fund-raising structure hasn’t been finalised yet and discussions are underway, the report by news agency Bloomberg said.

If the proposal sails through, it will lessen the need to raise money through a syndicated loan, the report said.

Last year, Vedanta topped the chart for the stock with the highest dividend yield in India. The company has been relying on dividends from the Mumbai-listed company to repay debts of its London vehicle, which has been facing cash flow concerns, the report said.

The company has held talks with banks like Barclays Plc, JPMorgan Chase & Co and Standard Chartered Plc for a syndicated dollar-denominated loan.

Also Read | Anil Agarwal’s Vedanta cuts debt by $2 billion amid funding woes

On March 28, the board announced the payment of the fifth interim dividend for FY23 and said it would pay a dividend of Rs 20.50 per share, amounting to a total of Rs 7,621 crore.

Following this announcement, CRISIL revised the outlook on the company's term loans and debentures from "stable" to "negative".

Also Read | Vedanta plans to raise up to $1 billion from credit funds