Thu Nov 21 20:36:03 UTC 2024: ## Vedanta Postpones Dollar Bond Issue Amidst Adani Scandal Fallout
**MUMBAI** – Vedanta Resources has postponed its planned issuance of dollar-denominated bonds, citing concerns that the recent indictment of Adani Group executives by U.S. prosecutors will increase borrowing costs for Indian companies. This follows Adani Green’s earlier withdrawal of a similar bond offering.
Sources close to the matter revealed that Vedanta aims to delay its fundraising until market volatility subsides and borrowing costs become more favorable. The company had planned to issue three-and-a-half-year bonds, with Citigroup, Barclays, Deutsche Bank, and Standard Chartered acting as lead managers. Neither Vedanta nor the lead managers have yet commented publicly.
The decision comes in the wake of the indictment of Indian billionaire Gautam Adani on charges of bribery, triggering a significant crisis for his conglomerate. The Adani Group’s share prices and dollar bond values have plummeted following the allegations. The increased uncertainty and potential rise in borrowing costs spurred by the Adani scandal appear to be the primary reasons behind Vedanta’s postponement.
First Piper 