Vedanta Resources’ debt was almost $18 billion at the end of the last fiscal year, according to data compiled by Bloomberg, while Vedanta Ltd owed $11 billion. Photo: ReutersMumbai: Shares of Vedanta Ltd rallied after India’s biggest base metals producer announced a record dividend worth $1.2 billion, potentially helping its London-listed parent pare debt. At 2.43pm, Vedanta shares were trading 0.96% up at Rs320 on BSE, while the Sensex was down 0.54% to 33,732.69 points. The dividend, which is about double market expectations, will allow parent Vedanta Resources Plc to trim some of its borrowings, Goutam Chakraborty, an analyst at Emkay Global Financial Services Ltd, said by phone from Mumbai. Vedanta Resources’ debt was almost $18 billion at the end of the last fiscal year, according to data compiled by Bloomberg, while Vedanta Ltd owed $11 billion.

Source: Mint March 13, 2018 09:33 UTC