VEDANTA

when ratings agency Moody's disclosed that Vedanta Resources Ltd (VRL) is looking to raise $750 million through unsecured dollar bonds to refinance a $550 million loan, short-seller Viceroy Research had a pointed question. What happened to the proceeds of a $600 million loan that the holding company of the Vedanta Group had raised in June? That loan too, after all, was availed to refinance the same $550 million private credit facility, which carries an eye-watering interest rate of 18%, the New York-based short-seller said.