Vedanta Resources gets bondholders' green signal to restructure some debt

The company last year proposed restructuring four series of bonds to ease its massive debt burden.

Bengaluru: UK-based Vedanta Resources said on Wednesday it received bondholders' support to restructure some of its near-term debt, easing repayment pressure on the parent of Indian metals conglomerate Vedanta Ltd .

Billionaire Anil Agarwal's Vedanta Resources last year proposed restructuring four series of bonds, including two due for maturity in 2024, one in 2025 and another in 2026, to ease its massive debt burden.

The company received consent from about 97 per cent to 100 per cent of bondholders across the four series of bonds, surpassing the required threshold of 66.67 per cent, it said in a regulatory filing.

S&P Global Ratings in December downgraded Vedanta Resources, citing concerns about the extension of maturities of the bonds