Report: Vedanta Resources likely to meet investors ahead of $2 billion debt repayment deadline
The non-deal roadshow is expected to take place as soon as next week, reported Bloomberg citing sources
Vedanta Resources is planning to meet bondholders in Singapore and Hong Kong as the next year deadline of debt repayment is coming closer.
The owner of publicly listed Vedanta Ltd, is currently facing next year's deadline for the repayment of about $2 billion of notes next year.
The non-deal roadshow is expected to take place as soon as next week, reported Bloomberg citing sources.
JPMorgan Chase & Co. and Standard Chartered Plc are helping to organise the event, according to others, reported BB.
Vedanta stock price plummeted by 0.95% and closed at ₹241.4 per share on BSE on Wednesday.
The company shares was trading close to ₹239.20 at 3:00 pm on BSE on Thursday.
The global increase in borrowing costs has raised the stakes for billionaire Anil Agarwal's firm, which must redeem a record amount of bonds next year.
Several bonds of the group are currently trading below 75 cents on the dollar.
These levels are considered as indicative of distress, reported sources.
In response to the mounting debt on the company, Vedanta's rating, by S&P Globals, degraded from B-rating to negative from stable.