Advertisement
In a bid to tackle its soaring debt burden, Vedanta group has raised funds in form of loan from JP Morgan and Oaktree, as per Bloomberg. The Anil Agarwal led group has raised his funds by signing a five-year load for about $850 million.
Earlier, the company had tried to sell its zinc assets to Hindustan Zinc Ltd for $3 billion, but failed. This month, the company registered a fall of 8 per cent in their profits. The plunge is due to to the result of declining prices of the metal. Till now, there have been no official statement released either of three companies.
Vedanta shares were on the rise by 0.43% at Rs 289.65 per share on BSE. The revenue of the company fell by 5.4% YoY to Rs 37,225 crore from Rs 39,342 crore during the same quarter in a previous financial year. Vedanta showed a rise in its net profit by 56.3% to Rs 2,634 crore against Rs 6,027 crore in the corresponding period last year.
Advertisement
It is to be noted that the fall in the quarterly revenue is majorly due to the fall in the price of steel price. The revenue share from the mainstay aluminum business reduced to 33% from 39%.
