SEBI issues administrative warning to Vedanta for releasing THIS information
Anil Agarwal-led Vedanta announced on Thursday, March 7, that it has received an administrative warning from capital markets regulator Securities and Exchange Board of India (SEBI) for “publishing information related to its unlisted ultimate holding company”.
In an exchange filing, Vedanta said it received a letter from NSE on March 6, 2024, issued by SEBI vide which an administrative warning has been issued to the metals-to-mining conglomerate.
The market regulator has directed the company to place the warning letter before its board and take necessary corrective steps to strengthen the internal control for corporate announcements/ press releases, Vedanta said in its exchange filing.
According to the letter, the warning has been issued for violations of Sebi regulations in respect of “publishing information related to its unlisted ultimate holding company”.
Meanwhile, Vedanta announced earlier this month that Vedanta Resources, the parent firm of the Mumbai-based mining conglomerate, is planning to deleverage as much as $ 3 billion in debt over the next three years, a senior official said at an analyst meeting. The company is not looking for another rollover of its loans in the coming years.
“We would be deleveraging the debt of Vedanta Resources by $3 billion over the next three years. Vedanta Ltd’s cash flow pre-growth capex is estimated to be $3.5-4 billion for the financial year 2025, sufficient for secured debt maturities of USD 1.5 billion,” news agency PTI quoted Navin Agarwal, Vice Chairman, Vedanta Ltd and member of Promoter Group as saying. He was speaking at a recently concluded analysts’ meeting.
Vedanta is a diversified natural resources company with interests in oil and gas, aluminium, copper, zinc, lead, silver, iron ore and steel. On Thursday, shares of Vedanta Ltd settled 0.11 per cent higher to ₹282.75 apiece on the BSE.
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Published: 07 Mar 2024, 09:53 PM IST
