Vedanta Limited, which is active in the mining business, has received approval from most of the lenders for its proposal to split its business. This is an important step towards the company’s plan to split into six independent listed companies. Meanwhile, Vedanta shares recorded a strong rise on Thursday and closed 2% higher at Rs 450.45.
What did the company official say?
A senior executive of Vedanta said in a recent ‘conference call’ with bondholders – I am happy to tell you all that we have received approval of more than 52 percent, which will take us to reach 75 percent. It is necessary for. We have crossed that limit also. Most lenders have approved it. He said that the committee meeting of some is pending and the meeting of the board of directors of some is pending. So, as we speak, we have already got 52 percent approval. The remaining will be completed in a week or 10 days. After this we will apply to NCLT.
SBI approval already received
According to a bank official, the group’s lead lender State Bank of India (SBI) had already given its consent. This important approval is seen as the last major compliance requirement for the company, which was closely watched by the market. This paves the way for division of $20 billion.
