Latest News | Vedanta Ties Up Rs 8,000-cr Facility with Union Bank to Take over Majority of Syndicated Facility

New Delhi, Jan 31 (PTI) Vedanta on Monday said it has tied up a facility of Rs 8,000 crore with Union Bank of India to take over a majority of the syndicated facility after multiple discussions with potential lenders.

During 2020, amid the COVID-19 pandemic, Vedanta Ltd had tied up a syndicated facility of Rs 10,000 crore with State Bank of India as the lead bank at a running cost of 10.5 per cent.

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"After multiple discussions with potential lenders, we tied up a facility of Rs 8,000 crore (replacement facility) with Union Bank to take over majority of the Syndicated Facility," the metal and mining giant said in a filing to the BSE.

The replacement facility was availed on December 28 last year to take over the existing Syndicated facility to reduce the overall interest cost of the company in the normal course of business and to align the debt with market benchmarks.

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Vedanta Ltd, in its normal course of business, conducts a proactive liability management exercise to achieve optimal capital structure.

In this direction, the company continues to explore all options to increase its debt maturity profile and reduce its interest cost. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)