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London-headquartered Vedanta Assets has postponed the deadline to hunt consent for extending the deadline of its bonds to January 2, 2024 as a result of vacation interval.
“This extension is given to accommodate suggestions from bondholders who have been going through operational challenges in submitting their consent directions and should not have the ability to submit earlier than the unique early consent deadline as a result of year-end vacation interval,” Vedanta stated in a regulatory replace.
The unique deadline for consent was December 27, 2023. Additional, a gathering of the bondholders can be held on January 4, 2024. If the consent situations should not happy by January 29, 2024, the solicitations might be terminated, it stated.
Earlier, Vedanta had sought buyers’ approval to increase the maturity date of its $3.15 billion greenback bonds, even because it secured a $1.25 billion new funding to repay a part of the debt. The corporate has additionally supplied to pay $779 million in February for notes due in 2024 and 2025.
Vedanta has supplied to pay $779 million by early February for the three bonds – due in January 2024, August 2024 and March 2025 – and has sought extending their maturity intervals for as a lot as 4 years by a consent solicitation train (consent train or legal responsibility administration). The agency, helmed by Anil Agarwal, would additionally use $1.25 billion proceeds from a brand new financing association for the partial pre-payment of the bonds, it had stated.
Supply: The Monetary Categorical
The put up Extra Time For Vedanta Bondholders To Consent On New Due Date first appeared on Newest India information, evaluation and reviews on IPA Newspack.
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