millionaire Anil AgarwalK Vedanta Resources Ltd said it has repaid $800 million in loans, another move that could ease concerns about its liquidity after a rise in interest rates increased pressure on low-rated borrowers with heavy debt loads Is.
The London-based firm has drawn down three facilities, which were availed from Standard Chartered Bank in London and Hong Kong, the company said in an exchange filing. The repayment would release the encumbrance created on the shares of its unit Vedanta Ltd, it said.
Vedanta Resources has relied on huge dividends from its Indian units, taking in a record amount in the last financial year, to pay off its near-term liabilities. Markets now focus on how the mining giant will service its dollar notes due this month and an even bigger debt pile due in 2024, when nearly $2 billion of bonds mature.
The company paid off all loans and bonds last month, bringing its gross debt to $6.8 billion, it said in a statement in April.
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