Vedanta makes interest payment to bondholders, completes buyout of Meenakshi Energy

MUMBAI – Vedanta Ltd has paid the interest due to its bondholders on Wednesday for non-convertible debentures worth ₹2,500 crore. Interest on these unlisted, redeemable debentures was due on December 27 itself, the company said in a notification to exchanges.

These debentures, with a face value of ₹100,000 each and a quarterly interest payout, were allotted earlier this year, and will mature in March 2025.

Earlier this month, the company’s board also approved raising ₹3,400 crore through non-convertible debentures on a private placement basis.

In a separate development, Meenakshi Energy has become a wholly-owned subsidiary of the company after it allotted 10,00,000 shares to the company, bearing a face value of ₹10 each.

Vedanta acquired the Andhra Pradesh-based power producer under the Corporate Insolvency Resolution Process earlier this year. The mining conglomerate has acquired the 1000-MW power company for ₹1,440 crore.

Shares of Vedanta ended at 252.40 rupees on the National Stock Exchange, down 3.5% from the previous close as the shares turned ex-dividend.

Earlier this month, the company announced its second interim dividend of 11 rupees/share, entailing a payout of ₹4,089 crore.Vedanta has been paying hefty dividends over the past few quarters as it looks to support parent UK-based Vedanta Resources, which is currently looking at debt obligations of around $4.5 billion between now to March 2025.