Tycoon Faces Key Vote for Plan to Tap Vedanta Cash Reserves
- Vedanta Resources has $900 million bonds due early next year
- India unit’s dividends key to meet Vedanta Resources debt woes
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Billionaire Anil Agarwal’s Vedanta Resources Ltd. will seek shareholder approval next week for a plan that could shore up cash flow and help boost bonds due next year, even as credit markets signal longer-term concern about its debt.
Shareholders of Indian unit Vedanta Ltd. will vote Oct. 11 on a company plan to move money out of its reserves and into its balance sheet, increasing the probability that the funds will be used for dividends.