Vedanta's Successful Tap Issue: A Boost to Global Investor Confidence

Vedanta Resources, the parent company of Vedanta Ltd, successfully raised USD 300 million through a tap issue on existing bonds, receiving strong investor interest globally. This move is part of Vedanta's efforts to manage liquidity and reduce debt, underscoring investor confidence in the firm's financial strategies.

Vedanta Resources, headquartered in Mumbai, has successfully raised USD 300 million by implementing a tap option on its existing bond issuance. This financial maneuver allows companies like Vedanta to issue additional bonds from previous issues, enhancing their liquidity management efforts.

In a statement filed with the Singapore Exchange, Vedanta Resources Finance II PLC, a subsidiary of Vedanta Resources, announced the exercise of the tap option on its September USD 900 million bond issuance. The new issuance attracted over USD 500 million in final orders, indicating a strong demand exceeding supply from both existing and new investors.

The allocation saw significant uptake in the Asia Pacific region, with contributions also coming from Europe, the Middle East, and the Offshore United States. This strategic financial move will aid in partially prepaying Vedanta's substantial debt obligations, exemplifying the firm's commitment to debt reduction and financial stabilization.

(With inputs from agencies.)