Vedanta raises $1.7 billion

Vedanta Resources said on Friday it has raised $1.7 billion (Rs 7,425 crore) through private placement of bonds to part-finance its $9.6-billion acquisition of Cairn India. HT reports.

Vedanta Resources said on Friday it has raised $1.7 billion (Rs 7,425 crore) through private placement of bonds to part-finance its $9.6-billion acquisition of Cairn India.

HT Image

"This represents the largest non-banking corporate bond issuances by an Indian group," the company said. The bonds were sold in two tranches - $750 million (Rs 3,375 crore) at 6.8%, due in 2016 and $900 million (Rs 4,050 crore) at 8.3%, due in 2021.