With debt repayments up to $2 billion maturing by June, billionaire Anil Agarwal-led Vedanta Resources Ltd (VRL) has reached out to investors for a strategic stake sale of up to 10% in India-listed Vedanta Ltd (VEDL), The Economic Times reported, citing people with knowledge of the matter.
According to multiple sources aware of the development, Vedanta Resources has reached out to sovereign wealth funds (SWFs) and alternative asset managers from the Gulf including Abu Dhabi’s Mubadala, ADQ, Bahrain’s Investcorp, and Saudi Arabia’s Public Investment Fund (PIF) for up to 10% dilution in the company, said people in the know.
Phoenix ARC
Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Co is set to acquire the Rs 4,930-crore distressed loan portfolio of Bandhan Bank, The Economic Times reported, citing two people aware of the development.
An offer of Rs 739 crore by Phoenix ARC, made early this week to acquire Bandhan's two pools of bad loans, has triggered a Swiss Challenge auction to be held on 27 March, the people said.
