Vedanta to Sell Overseas Zinc Business to India Unit for $2.98 Billion
- Vedanta to sell overseas zinc arm to unit for $2.98 billion
- Hindustan Zinc also to dole out 55 billion rupees dividend
The logo of Vedanta sits on a newly molded ingot.
Photographer: Oliver Bunic/BloombergThis article is for subscribers only.
Vedanta Resources Ltd.’s dollar bonds rallied on improved liquidity prospects after Vedanta Ltd. announced plans to sell its international zinc operations to unit Hindustan Zinc Ltd. for $2.98 billion and benefit from a dividend outflow by Anil Agarwal’s cash cow.
Prices for all Vedanta Resources’ outstanding bonds rose on Friday. The company’s note due in April 2026 rose 7.8 cents on the dollar to 77.6 cents Friday, according to data compiled by Bloomberg. That’s the biggest gain since June 2020.