Vedanta Resources Ltd. has mandated banks to arrange investor meetings ahead of a potential bond sale, as the firm conducts an open offer for its main listed unit.
Vedanta Resources Finance II Plc, a subsidiary of London-based Vedanta Resources, has hired the five banks to arrange credit investor calls from Feb. 23, and a possible dual-tranche dollar note issue may follow, according to a person familiar with the matter who asked not to be identified.
The potential deal comes after the firm annnounced in January that it planned to buy as many as 371.75 million shares, comprising 10% of the outstanding equity of its India unit Vedanta Ltd. at 160 rupees per share. At that price, the consideration for the deal would be about 59.5 billion rupees ($822 million).
Vedanta has jumped in the equity market this month, helped by rising global commodity prices. Its shares were at about 206.3 rupees per share at 9:45 a.m. in Mumbai.
