Vedanta Resources on Friday said it has raised USD 1.2 billion in a bond offering that saw strong investor interest. The 8.95 per cent bonds due for March 2025 "will be guaranteed by the company and two wholly-owned indirect subsidiaries of the company, namely Twin Star Holding Ltd and Welter Trading Limited," it said in a statement. Vedanta said it will use the proceeds of the bonds for the acquisition of equity shares of the Indian subsidiary as well as servicing existing debt. The company is looking to buy as many as 37.17 crore or 10 per cent of its India unit, at Rs 160 per share. At that price, the total consideration of the deal would be about Rs 5,948 crore (USD 814 million). Vedanta Resources Finance II Plc, a subsidiary of London-based Vedanta Resources, had gone to the market for raising USD 1 billion. It got USD 2.6 billion in offers from about 150 accounts, representing the largest oversubscription on a recent US dollar bond offering by the company, banking sources ..
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