Vedanta Group owner Anil Agarwal is seen doing all that Gautam Adani is doing to repay his loan. Yes, Anil Agarwal's Vedanta Group has raised Rs 1500 crore by pledging some shares of Hindustan Zinc. These are the shares which are at a margin of more than 50 per cent from their market value. Giving information in its filing to the stock market on Thursday, Vedanta said that the pledged shares are 2.44 per cent of the total shares of Hindustan Zinc, which is worth about Rs 3,300 crore. These shares are pledged with Axis Trustee.
Where will the money be spent
Vedanta told the market that the borrowed amount will be used to repay existing debt and meet other expenses including capital expenditure and transportation cost. The special thing is that Vedanta has pledged more than 59 percent of its 65 percent stake in Hindustan Zinc. Out of which about 57 per cent stake has been pledged with Union Bank of India. At present, Vedanta's loan deal is for long term.
Heavy debt to pay
Last week, Vedanta announced that it would raise Rs 2,100 crore through a private placement of non-convertible debentures (NCDs). The multiple funds from Vedanta Group come at a time when London-based parent company Vedanta Resources is looking for capital to meet its debt. According to a recent report by Crisil Ratings, VRL will have a debt maturity of around $1.7 billion i.e. Rs 13,885 crore in the first quarter of FY24, which will have to be repaid soon.
How much dividend was given to the parent company
Vedanta had given Rs 37,730 crore as dividend in FY 2023 to support its parent company. After which the concerns of analysts and credit rating groups have increased. Hindustan Zinc and Vedanta have gained more than 25 thousand crore rupees in the last 12 months. Both the companies had given dividend of more than Rs 69,000 crore to their parent company.
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