VEDL

Aluminium raises Rs 13,500 cr loan to refinance costly debt, accelerate deleveraging; brokerages see up to 35% upside in stock

A subsidiary of Anil Agarwal-led Vedanta Group is raising nearly Rs 135 billion ($1.4 billion) in local-currency debt from at least three banks. According to sources familiar with the transaction, as reported by Bloomberg News, this marks the conglomerate's first large local-currency loan following its corporate demerger into separate operating companies. Axis Bank Ltd has signed a loan agreement worth Rs 55 billion with Vedanta Aluminium Metal Ltd., said the people who asked not to be identified because the information is private.