Vedanta told exchanges that it has received a letter from NSE, annexing a letter issued by Sebi in which an administrative warning has been issued to Vedanta.
The SEBI has issued an administrative warning to Vedanta for publishing information related to its unlisted ultimate holding company. The regulator also asked the company to take necessary corrective steps to strengthen the internal control for corporate announcements.
Vedanta told exchanges that it has received a letter from NSE, annexing a letter issued by Sebi in which an administrative warning has been issued to Vedanta.
“The company has been directed to place the said letter before its Board of Directors and take necessary corrective steps to strengthen the internal control for corporate announcement / press releases,” Vedanta said.
Sebi found violation of Sections 12A (a), (b), (c) of SEBI Act, 1992 r/w Regulations 3 (b), (c),(d), 4(1) & 4(2) (k) & (r) of SEBI (PFUTP) Regulations, 2013 in respect of Vedanta publishing information related to its unlisted ultimate holding company.
The Vedanta said that the warning will not have any impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms, reported Mint.
Vedanta Deleverage $ 3 Billion In Debt
Earlier, Vedanta announced that the parent firm of the mining conglomerate, Vedanta Resources, is planning to deleverage $ 3 billion in debt over the next three years, according to reports. The company is not looking out for any other 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,” as reported by PTI quoting Navin Agarwal, Vice Chairman, Vedanta Ltd and member of Promoter Group as saying.