Majority bondholders have consented to restructuring: Vedanta Resources

Anil Agarwal-promoted Vedanta Resources informed that the majority of its bondholders have consented to the restructuring of four series of its US-dollar denominated bonds, in a regulatory disclosure on Wednesday.

The company said 97.78 per cent, 98.69 per cent, 99.6 per cent, and 99.12 per cent of the four series of bonds respectively have consented in favour of the company's proposed restructuring.

On December 13, Vedanta Resources proposed a new liability management exercise for three of its US-dollar-denominated bonds totalling US$3.8 billion. The company proposed to meet these obligations through using a mix of cash (upfront payment of $1.25 billion) and new bonds. These bonds were earlier due between 2024 and 2026.

The proposal was put to vote and the new early consent deadline and voting deadline, the company said, expired on January 2.