Vedanta Ltd's share price increased by 2% to Rs 454 on the National Stock Exchange following Moody's upgrade of its parent company, Vedanta Resources Ltd, from ‘B3’ to ‘B2’. The stock has risen 94% over the past year, with a market capitalization of Rs 1.75 lakh crore. Moody's cited successful bond issuances totaling $800 million since September 2024 as a key factor for the upgrade, maintaining a stable outlook.
Vedanta Resources Ltd. has successfully priced its third dollar-bond sale in two months, raising $800 million in callable notes across 3.5- and 7-year tranches. The proceeds will be used to refinance bonds maturing in 2028, following a brief pause due to market volatility linked to the recent indictment of Adani Group founder Gautam Adani. The offering attracted over $1.19 billion in orders, with both tranches tightening 12.5 basis points from their initial pricing.
Vedanta Resources Ltd. is proceeding with its second dollar bond offering in two months, aiming to gauge investor interest in Indian offshore debt following recent events involving the Adani Group. The London-based mining company plans to issue callable notes in two parts, maturing in 3.5 and seven years, with initial price guidance set at 10.375% and 11.375%.
Vedanta Resources Ltd., led by billionaire Anil Agarwal, is reconsidering the timing for a potential dollar bond sale. This decision comes in the wake of market volatility triggered by a US indictment involving the founder of the Adani Group.
Moody’s Ratings has upgraded Vedanta Resources Ltd.'s corporate family rating to B3 from Caa1, following the company's successful fundraising efforts. The rating on senior unsecured bonds issued by Vedanta and its subsidiary was also raised to Caa1 from Caa2.
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