$100 mn repaid to Standard Chartered Bank, encumbrance released: Vedanta

Recently, Vedanta said that it has prepaid all its debt that was due for repayment till March 2023

Vedanta Resources Ltd on Wednesday said it had repaid $100 million to Standard Chartered Bank on March 10, releasing the encumbrance. 

In a regulatory filing, the company led by billionaire Anil Agarwal said, "The earlier disclosure was made pursuant to facility agreement dated 08 September 2022 entered into between Twin Star Holding Limited, Vedanta Resources Limited and Welter Trading Limited, Standard Chartered Bank (Singapore) Limited for the purposes of availing of a facility of an aggregate amount of $100,000,000. However, the said facility has been repaid and the encumbrance has been released," the company said in a statement.

Recently, Vedanta said it had prepaid all its debt due for repayment till March 2023. It has reportedly paid nearly $2 billion of its loans in the past 11 months. It added it was confident of meeting its liquidity requirements for the quarter ending June 2023.

The recent step to repay Standard Chartered Bank is also in the same direction to convince the investor community that the debt is within the company's manageable limits.  

"We have a tremendous asset base which delivers high cash flows. There is the full capability to repay. With the ongoing expansions, we expect our revenue to be $30 billion in the near term," the company said in a social media post recently.

Vedanta Resources is the majority owner of Mumbai-listed mining and oil & gas company Vedanta Ltd.