New Delhi, March 12 – Vedanta Limited, the mining conglomerate, has repaid $900 million of high-cost debt using a combination of proceeds from a Qualified Institutional Placement (QIP) and a new $350 million facility secured at a lower interest rate. As a result, the company’s net debt has been reduced by $550 million, strengthening its financial position, as per agency report.
According to agency report, a subsidiary of Vedanta, THL Zinc Ventures, had taken a loan in May 2023 at an interest rate of 13.9 percent. This debt was partially repaid using funds raised from Vedanta’s $1 billion QIP in June 2024.
Additionally, the company secured a new $350 million loan from JPMorgan and other bankers at an annual interest rate of 9.6 percent. This refinancing initiative is expected to reduce Vedanta’s annual interest cost by $90 million, further improving its financial health.
