Vedanta Resources on Friday said it has raised $1 billion through bonds and will use the proceeds mainly to repay debt. The funds have been raised through its wholly-owned subsidiary, Vedanta Resources Finance II Plc. The bonds attracted interest from global investors across Europe, North America and Asia. The bonds have an average cost of 8.75% and average maturity is 5.8 years.
Anil Agarwal-led Vedanta’s oil and gas division Cairn has seen three high-profile exits in the past three months, including CEO Sudhir Mathur and CFO Pankaj Kalra, who resigned last week. Ajay Dixit, who was CEO of the aluminum and power divisions of Vedanta, took charge of the oil and gas division. In April 2017, Cairn India was merged with Vedanta, following which the former got delisted from the BSE.
Cairn Oil and Gas, a subsidiary of Anil Agarwal-led Vedanta Ltd, on Wednesday announced an oil discovery in its Krishna Godavari basin block in the Bay of Bengal. Cairn India had won the KG-OSN-2009/3 block in June 2010 Vedanta holds 100% participating interest in the block.