Vedanta Repays $100 Million to Standard Chartered Bank

Vedanta Resources repays $100 million loan, releases pledged shares.

On Wednesday, Vedanta Ltd said it had repaid $100 million to Standard Chartered Bank on March 10 through the release of encumbrances.

Vedanta Resources Ltd earlier said it has sufficient capacity to repay debt in the coming quarters as it looks to assuage investor concerns about its finances.

Vedanta Resources is the majority shareholder of Vedanta Ltd, a Mumbai-listed mining and oil and gas company.

“The earlier disclosure was made under a September 2022 agreement between Double Star Holdings Limited (as borrower), Vedanta Resources Limited and Welter Trading Limited (as original guarantor) and Standard Chartered Bank (Singapore) Limited (as original guarantor) entered into a financing agreement signed on March 8. The lender) to utilise a loan amounting to $100 million.

“However, the said loan has been repaid, and the encumbrances have been discharged,” Vedanta said in a filing with the BSE.

Vedanta Resources has said it has prepaid all debt due until March 2023, reducing leverage by $2 billion over the past 11 months.

Furthermore, it said the company is confident of meeting its liquidity requirements for the quarter ending June 2023.

Get Daily Prediction & Stocks Tips On Your Mobile