Vedanta gets 20-40% ayes for bond plan, needs 67% by today

Vedanta Resources, the London-based parent of India's Vedanta Ltd, has received between 20% and 40% investor votes in favour of its $3.8 billion bond restructuring exercise as of December 29, people aware of the matter said.

- Nehal Chaliawala Satish John

For the company's proposal to go through, more than twothirds of each bond's investors need to vote, of which at least two-third votes need to be cast in favour of the restructuring.

Vedanta had on December 13 sought investor approval to delay the maturity of several of its outstanding corporate bonds to better manage its debt repayment cycle.

For the bonds maturing in January 2024 and August 2024, the company has received consent from 20% and 35% of the bonds' investors, respectively. It has also received consent from 41% and 25% investors for the bonds maturing in March 2025 and April 2026, respectively.