Home News Business Anil Agarwal’s Vedanta repaid $3 billion in 14 months, now this much debt is left

Anil Agarwal’s Vedanta repaid $3 billion in 14 months, now this much debt is left

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Anil Agarwal’s Vedanta repaid $3 billion in 14 months, now this much debt is left

Vedanta Total Debt: Vedanta Resources Ltd, a giant in the metal and mining sector, has now paid $ 1 billion (Vedanta Debt Repayment) in the midst of a deepening debt crisis. With this, the total debt on the company has now reduced by $ 1 billion. The company has said that it has repaid all the outstanding loans and bonds in April 2023.

Achieved this much target in 14 months

Anil Agarwal’s company Vedanta Ltd said on Monday that it has paid off all its maturing loans and bonds to cut its total debt by $1 billion. Since the announcement of accelerating debt repayment in February 2022, the company has reduced its debt by three billion dollars. The company plans to reduce debt by $4 billion in three years. Out of this, loans worth $3 billion have been repaid so far. In this way, Vedanta has achieved its 75 percent target of repaying the loan in just 14 months.

Raised so many funds last week

Vedanta Limited is the Indian subsidiary of London headquartered Vedanta Resources Limited. Vedanta Limited told the stock markets last week that Rs 1,500 crore has been raised by pledging some shares of Hindustan Zinc Limited (HZL). The company is taking all possible measures to reduce the debt burden and is raising funds. 91.35 per cent of the total promoters’ shareholding in Hindustan Zinc Limited is now pledged. The promoters’ entire stake in Vedanta Limited is already pledged.

so much due till june

Rating agency Crisil had told in March that Vedanta Resources Limited has to pay about $ 1.7 billion i.e. Rs 13,885 crore in the form of loan installments by the end of June. In view of the high level of debt, Crisil had downgraded the credit rating of the company in March (Vedanta Rating Downgrade). Since Vedanta has now paid $1 billion this month, it has to pay another $70 million by June.

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Total debt has come down sharply

The total debt on Vedanta was $ 7.8 billion in March 2023, which has now come down to $ 6.8 billion as on 24 April 2023. About a year ago i.e. in March 2022, the total outstanding on Vedanta was $ 9.7 billion. The company has rapidly reduced its debt burden during the last 14 months. The company is sure that in the coming days also the pace of repayment of loan is going to continue. The company is confident that it will arrange funds to repay the loan.

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