Home Buisness Market Insight Vedanta creditors meet on Tuesday to vote on India’s Dimerger scheme

Vedanta creditors meet on Tuesday to vote on India’s Dimerger scheme

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Vedanta creditors meet on Tuesday to vote on India’s Dimerger scheme

Vedanta Limited’s creditors will meet on Tuesday, a major step in the efforts of the month to facilitate the formation of the group and manage its debt burden, to give a final verdict on the plan to divide the Indian mining organization into at least five different businesses.

Both secure and unsafe lenders will discuss and vote on a very waiting overall plan on February 18, said a company statement.

To implement this scheme, the approval of the majority representing the three-fourth part in the debt value of the present creditors is required.

Overall billionaire Anil Agarwal-controlled group will allow its business-aluminum, oil and gas, power, steel and semiconductors-alga units and improve the overall assessment of the group. Demerger is expected to help attract some new but risky businesses, such as semiconductors, to attract investors interested in. Vedanta’s parents will be Vedanta Resource Ltd., Holding Company.

Agarwal has long expressed his desire to facilitate complex financial composition, but even though the lender is allowed, previous plans cannot be applied.

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