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Shares of Vedanta Limited are down over 13% in a week. The stock ended 7% lower at Rs 268.45 on BSE on February 28, 2023
Business Today TV report suggested that the government was planning to take legal action to stop the sale of the Africa-based assets to Hindustan Zinc
The Centre opposed Vedanta's proposal to sell its international zinc assets to subsidiary Hindustan Zinc for $2.98 billion. Vedanta held a 64.92% stake in Hindustan Zinc as of December 31, 2022
Vedanta's net debt after adjusting the cash component of $3.5 billion is around $11.8 billion. Its London-based entity, Vedanta Resources Limited, has a huge pile of debt, including $500 million of loan repayments and a $1 billion bond
The group has paid back $2 billion of debt and has brought the debt down to $7.7 billion in the last 11 month
In the case of Vedanta, 99.99 per cent of the promoter holding was pledged as of December 31, 2022. Pledging of shares is an arrangement in which the promoters of a company use their shares as collateral to fulfil their financial requirements
Business Today reported that Vedanta Resources might take the help of the Indian public sector banks for its future refinancing given its existing credit line of more than a billion dollars
State Bank of India (SBI), Bank of Baroda, Union Bank of India, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank are being considered for the sanctioned amount for Vedanta's ongoing projects
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