Mumbai, Jan 3 (SocialNews.XYZ) Anil Agarwal-led Vedanta Resources said on Wednesday that it has received the support of 97 per cent of its bondholders to restructure some of its near-term debt which will ease repayment pressure on the company.
The company will now be able to able to extend repayment dates on $3.2 billion outstanding bonds which were maturing in the near-term.
The company had proposed restructuring four series of bonds, due for maturity in 2024, 2025 and 2026, in order to ease its crushing debt burden.
The company received consent from about 97 per cent bondholders which exceeds the required minimum of 66.67 per cent, it said in a regulatory filing.
S&P Global Ratings had downgraded Vedanta Resources in December over concerns about repayment of the high debt burden.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz