Mining conglomerate Vedanta Limited made the interest payment for secured redeemable non-convertible debentures (NCD) due on December 27, as the company navigates through debt repayment concerns.
The NCDs had a face value of Rs 1,00,000, aggregating upto Rs 2,500 crore, the company said in an exchange filing.
The Anil Agarwal-owned company which is reeling under a debt mountain, managed to reduce its net debt by Rs 1,420 crore sequentially to Rs 57,771 crore as of the end of the September quarter.
The company said on December 19 that its Committee of Directors has approved raising Rs 3,400 crore via private placement basis, ahead of its bond repayment due in January.
Its Chief Financial Officer (CFO) Ajay Goel said on November 4 that the company hopes to raise $1 billion by the end of December to honour a bond repayment that’s due in January.
In September, rating agency S&P Global had downgraded the stock, citing potential bond extensions, and placed the company on credit watch negative due to an increased likelihood of liability management exercises. S&P further said that Vedanta has limited alternative funding sources.
Meanwhile, according to media reports, Vedanta board approved donation of Rs 200 crore to political parties in November.
The group reported a net loss of Rs 915 crore for the July-September quarter on November 4.
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