New Delhi, Dec 24 (PTI) London-based Vedanta Resources Ltd (VRL) has raised its stake in its India listed unit, Vedanta to 55.11 per cent by buying from open market shares worth Rs 2,959 crore. Vedanta Resources Limited (formerly known as Vedanta Resources plc) (the "Company") hereby announces the results as of the Early Tender Deadline (as defined below) with respect to its previously announced offer to purchase for cash (the "Tender Offer") from each registered holder (each, a "Holder" and, collectively, the "Holders"), on the terms and subject to the conditions set forth in the tender offer memorandum dated December 4, 2020, as supplemented by the supplemental tender offer memorandum dated December 18, 2020, prepared in connection with the Tender Offer (together, as it may be amended or supplemented from time to time, the "Tender Offer Memorandum"), any and all of its outstanding 8.25% Bonds due June 7, 2021 (the "Notes"), as well as the Company's decision to increase the Tender Offer Consideration (as defined in the Tender Offer Memorandum). Latest news and coverage 22 Mar 2019 KCM gets a new CEO www.lusakatimes.com 17 Mar 2019 Statement regarding protest at Lanjigarh plant 06 Mar 2... News transforming elements – the story of Vedanta Resources Latest news and coverage 22 Mar 2019 KCM gets a new CEO www.lusakatimes.com 17 Mar 2019 Statement regarding protest at Lanjigarh plant 06 Mar 2... News transforming elements – the story of Vedanta Resources The consideration offered to those who tendered on or prior to the Early Tender Deadline will be U.S.$1,000 per U.S.$1,000 principal amount of the Notes validly tendered and accepted pursuant to the Tender Offer (the "Early Tender Offer Consideration"). LONDON, Dec. 18, 2020 /PRNewswire/ — VEDANTA RESOURCES LIMITED Vedanta Resources Ltd. on December 10, sold $1 billion of securities at one of the highest yields for a dollar bond in Asia this year. Any questions regarding the terms of the Tender Offer should be directed to the Dealer Managers. Share this article. Indian mining company Vedanta Resources Plc named a former CEO, Kuldip Kaura, to again lead the company on an interim basis as it looks for a new head to replace Tom Albanese, who is leaving the company on … Vedanta Resources’s latest bond received more than $1.9 billion of . The balance sheet and uncertainty among minority shareholders around dividend may put downward pressure on the company, Citi said in its second-quarter earnings review.. Moody’s Investors Service in a note said Vedanta Resources’ failed takeover of Vedanta … LONDON, Dec. 18, 2020 /PRNewswire/ -- VEDANTA RESOURCES LIMITED (formerly known as Vedanta Resources … Vedanta Resources is providing an update on the current situation affecting its Konkola Copper Mines (KCM) operations in Zambia. (Bloomberg) -- Mining giant Vedanta Resources Ltd. was able to secure much-needed funds by selling $1 billion of notes at one of the highest yields for a dollar bond in Asia this year.The company priced the January 2024 bond on Wednesday at a yield of 13.875%, according to a person familiar with the matter, who asked not to be identified because they aren’t authorized to speak about it. In addition, the Company hereby announces its decision to increase the Tender Offer Consideration (as defined in the Tender Offer Memorandum) from (i) U.S.$980 per U.S.$1,000 principal amount of Notes that are validly tendered at or prior to the Expiration Time (as defined below) but after the Early Tender Deadline that are accepted for purchase pursuant to the Tender Offer to (ii) U.S.$999.0 per U.S.$1,000 principal amount of Notes that are validly tendered at or prior to the Expiration Time but after the Early Tender Deadline that are accepted for purchase pursuant to the Tender Offer. Explore more on Vedanta Resources Plc. Deaths of 13 protesters in India prompts shadow chancellor to call for action by the London Stock Exchange. Spread the news Diversified conglomerate Vedanta Resources is ready to boost as much as $700 million by promoting bonds to abroad traders. Vedanta Resources slapped with $100 million settlement in UK court. Vedanta’s 52-week high was Rs 179.95, where as its value of stake in Hindustan Zinc itself comes to about Rs 131 per share. The Tender Offer does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. The Company will arrange for cancelation of all Notes validly tendered and not validly withdrawn on or prior to the Early Tender Deadline and accepted for purchase following purchase by the Company, and any Notes not validly tendered or accepted for purchase by the Company will remain outstanding and accrue interest in accordance with their terms. Any public offering of securities to be made in the United States will be made by means of an offering circular that will contain detailed information about the Company and its management, as well as financial statements. Concurrently with the Early Tender Deadline, the withdrawal deadline for tendered Notes to be validly withdrawn (the "Withdrawal Deadline") has also passed. Vedanta Resources Latest breaking news, pictures, photos and Video News. LONDON, Dec. 4, 2020 /PRNewswire/ -- Vedanta Resources Limited (formerly known as Vedanta Resources … The Tender Offer is not being made, and has not been approved, by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). The Information Agent for the Tender Offer is: Morrow Sodali LtdEmail: [email protected]Tender Offer Website: https://bonds.morrowsodali.com/vedanta, Unit 1106, Level 11Two ChinaChem Central26 Des Voeux Road Central, 470 West Ave., Suite 3000Stamford, CT 06902. The Expiration Time of the Tender Offer will be 11:59 P.M., New York City time, on January 4, 2021, unless extended or earlier terminated (the "Expiration Time"). Vedanta Resources News. The Company will announce the aggregate principal amount of Notes tendered as at the Expiration Time, whether the conditions to the Tender Offer have been satisfied or waived, the principal amount of Notes accepted for purchase by the Company and the aggregate principal amount of Notes that will remain outstanding following completion of the Tender Offer as soon as reasonably practicable following the Expiration Time. The Early Tender Deadline of the Tender Offer occurred at 5:00 P.M., New York City time, on December 17, 2020 (such time and date, the "Early Tender Deadline"). According to the information provided by Morrow Sodali Ltd (the "Information and Tender Agent"), the information and tender agent for the Tender Offer, an aggregate principal amount of U.S.$478,894,000 of the Notes had been validly tendered and not validly withdrawn pursuant to the Tender Offer as at the Early Tender Deadline, representing 71.46% of the total principal amount outstanding of the Notes. A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. Moody's downgrades Vedanta Resources' rating New Delhi: Moody's Investors Service has downgraded the corporate family rating of Vedanta Resources Limited to B2 from B1 citing persistent weak liquidity and high refinancing needs. If a jurisdiction requires the Tender Offer to be made by a licensed broker or dealer, and any of the Dealer Managers or any of their respective affiliates is such a licensed broker or dealer in such jurisdictions, the Tender Offer shall be deemed to be made by such Dealer Manager or such affiliate (as the case may be) on behalf of the Company in such jurisdiction. Each Holder participating in the Tender Offer will be deemed to give certain representations in respect of the jurisdictions referred to above and generally as set out in "Procedures for Tendering Notes" in the Tender Offer Memorandum. Vedanta Resources Limited Dec 18, 2020, 09:58 ET. Neither this announcement nor the Tender Offer Memorandum is an offer document or a prospectus or a private placement offer letter or an offering circular under the Companies Act. Find Vedanta Resources Latest News, Videos & Pictures on Vedanta Resources and see latest updates, news, information from NDTV.COM. We extract and process minerals, oil and gas, engage more than 65,000 employees and contractors, primarily in India, Africa, Ireland and Australia. VEDANTA RESOURCES : News, information and stories for VEDANTA RESOURCES | London Stock Exchange: | London Stock Exchange VEDANTA RESOURCES LIMITED (formerly known as Vedanta Resources plc) (the "Company")Offer to Purchase for Cash Any and All of the Outstanding 8.25% Bonds due 2021 A successful takeover of Vedanta would have enhanced the access to Vedanta’s cash flow, improving bond yields and refinancing options, it said. The government of Zambia has defended its efforts to kick London-based copper miner Vedanta Resources out of the country, in an escalating row … Vedanta Resources Limited (formerly known as Vedanta Resources plc) is a globally diversified metals and mining, oil and gas and power generation company. Vedanta Resources, controlled by billionaire Anil Agarwal, allayed some immediate concerns this week when it received vital funding by selling $1 billion notes due 2024 at 13.875%. Separately, a unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group.. It made the purchase through block deals. The Company, together with its subsidiaries, is primarily engaged in oil and gas, zinc, copper, iron ore, lead, silver, steel, aluminium, commercial power generation, glass substrate, and port operation businesses. On November 20, 2003, the Company re–registered as a public limited company under the United Kingdom Companies Act 1985 and changed its name to Vedanta Resources plc. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated. VEDANTA RESOURCES LIMITED (formerly known as Vedanta Resources plc) (the "Company")Offer to Purchase for Cash Any and All of the Outstanding 8.25% Bonds due 2021 The Tender Offer is conditioned upon, among other things, the successful completion of the Company's concurrent offering (the "Financing Transaction") of new notes (the "New Notes") to be issued by a wholly owned subsidiary of the Company in reliance on an exemption from the registration requirements of the U.S. Securities Act of 1933 (the "Securities Act"). All other terms of the Tender Offer are expected to remain unchanged. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities (including, without limitation, the New Notes being offered separately from, but concurrently with, the Tender Offer). Vedanta Resources names ex-CEO Kaura as interim chief executive. The deadlines set by any intermediary or clearing system will be earlier than the deadlines set out above. Vedanta Resources Ltd (VRL) last week announced a delisting offer at a Rs 87.5 per share against a much higher book value resulting in severe criticism from analysts. London-based Vedanta Resources Ltd (VRL) last week raised its stake in Vedanta to 55.11 per cent by buying from open market shares worth Rs 2,959 crore. Vedanta Resources Limited is a globally diversified natural resources company. The New Notes will only be offered in the United States to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons under Regulation S under the Securities Act. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd., according to separate exchange filings from Vedanta and the U.S. hedge fund. I am excited to join Vedanta as CEO for aluminium and power...", Kapur said. News provided by. These forward-looking statements are not historical facts, but only predictions and generally can be identified by use of statements that include phrases such as "will," "may," "should," "continue," "anticipate," "believe," "expect," "plan," "appear," "project," "estimate," "intend," or other words or phrases of similar import. India Business News: London-based Vedanta Resources Ltd (VRL) has raised its stake in its India listed unit, Vedanta to 55.11 per cent by buying from open market shares wo Read about our approach to external linking. Indian mining giant Vedanta Resources has been ordered by London High Court to pay over USD 100 million to a Zambian investment company related to a 2013 copper price agreement, the state … Vedanta Resources to Delist Indian Unit from Stock Exchanges as Covid-19 Crisis Deepens. The two arms collectively personal 38.1% in Vedanta Ltd, which is a 50.1% subsidiary of Vedanta Resources. LONDON, Dec. 18, 2020 /PRNewswire/ --. … Mining giant Vedanta Resources Ltd. kicked off an offering of dollar bonds with one of the highest yields in Asia this year, as pressures at the company mount. LONDON, Dec. 18, 2020 /PRNewswire/ -- VEDANTA RESOURCES LIMITED (formerly known as Vedanta Resources … Police open fire when a crowd opposed to a copper smelter unit storm government offices in Tamil Nadu. Vedanta Resources Ltd, the promoter entity of billionaire Anil Agarwal’s Vedanta Ltd, on Thursday bought 185 million shares or a 4.98% stake in the company for ₹ … Vedanta Resources Limited Dec 03, 2020, 19:42 ET. Vedanta Resources’s latest bond received more than $1.9 billion of . THE TENDER OFFER MEMORANDUM SHOULD BE READ CAREFULLY BEFORE A DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. As such, the settlement date for the Notes which were validly tendered and not validly withdrawn on or prior to the Early Tender Deadline is expected to be December 22, 2020 (the "Early Payment Date"), subject to the terms and conditions described in the Tender Offer Memorandum. LONDON, Dec. 18, 2020 /PRNewswire/ --. The firm is offering the securities with initial price guidance in the 14.5% area, according to a person familiar with the matter. Find Vedanta Resources news headlines, photos, videos, comments, blog posts and opinion at The Indian Express. However, no assurance can be given that the Financing Transaction will be completed successfully. News provided by. Villagers brought the case for compensation over alleged pollution by the mining giant. Reuters Under-fire mining conglomerate Vedanta Resources has been valued at £2.3bn in a deal "agreed in principle" that would give chairman Anil Agarwal’s family trust Volcan Investments … Vedanta Ltd.’s stock touched its highest in nearly a year after 16.6 crore shares of the Anil Agarwal-led mining conglomerate exchange hands in multiple large trades. New Delhi, Dec 24 (PTI) London-based Vedanta Resources Ltd (VRL) has raised its stake in its India listed unit, Vedanta to 55.11 per cent by buying from open market shares worth Rs 2,959 crore. Neither this announcement nor the Tender Offer Memorandum constitutes an offer to sell, offer to purchase, or a solicitation to sell or a solicitation to purchase or subscribe for securities (whether to the public or by way of private placement) within the meaning of the Indian Companies Act, 2013, (including any rules made thereunder), as amended from time to time, (the "Companies Act"), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, as amended from time to time, or other applicable laws, regulations and guidelines of India. About 57% of the total orders were placed from Asia Pacific. Tel: +91 124 459 3000. The Final Payment Date is expected to be January 6, 2021 (the "Final Payment Date"), or two business days following the Expiration Time. Find Vedanta Resources Latest News, Videos & Pictures on Vedanta Resources and see latest updates, news, information from NDTV.COM. Moody’s Investors Service in a note said Vedanta Resources’ failed takeover of Vedanta heightens refinancing risk and is credit negative. London-based Vedanta Resources Ltd (VRL) last week raised its stake in Vedanta to 55.11 per cent by buying from open market shares worth Rs 2,959 crore. Vedanta Resources currently owns 51.06% of Vedanta Ltd. On Wednesday, the stock closed at 90.1 rupees, down nearly 42% so far this year. The Tender Offer is being made solely pursuant to, and will be governed by the terms and conditions of, the Tender Offer Memorandum. 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