Vedanta Resources, founded by Anil Agarwal, has declared that it has returned loans to Standard Chartered totaling $800 million. In London and Hong Kong, the business claimed to have redeemed three borrowing facilities from Standard Chartered Bank.

The repayments, according to the statement, freed the encumbrances put on the shares of its subsidiary Vedanta Limited. This action might allay worries about its liquidity, according to a Bloomberg article.

This comes after the London-based business last month reduced its gross debt by $1 billion. According to the corporation, it settled all of its upcoming debts and bonds in April 2023. Vedanta's gross debt was $6.8 billion as of last month, down from $7.8 billion at the end of March.

The business claimed to have fulfilled 75% of its debt reduction objective last month.

The company could satisfy its obligations through September, according to S&P Global Ratings' assessment from February. Beyond that, liquidity would depend on crucial fundraising efforts and Vedanta Ltd.'s anticipated sale of its worldwide zinc assets to Hindustan Zinc.

Recent sources state that Hindustan Zinc's offer to pay $2.98 billion in cash for Vedanta's zinc assets has been rejected since the business was unable to obtain shareholder approval in the allotted time frame.

It was previously stated that due to the government's opposition to the transaction, Hindustan Zinc may decide against moving through with its proposal to acquire Vedanta Resources' worldwide zinc business.

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