Vedanta – Bondholder Update

Author: Viceroy Research Published on: October 8, 2025 Published in: Vedanta (NSE:VEDL)

October 8, 2025 – Recent developments show that Vedanta no longer enjoys the quiet backing of regulators or the State.

Vedanta Resources failed to raise the full $1bn required to refinance its $550m private credit facility, contradicting prior claims that this obligation had been repaid. The $500m it did raise from captive lenders is insufficient to meet short-term obligations, including a $204m investment into Konkola Copper Mines by year-end.

Simultaneously, Vedanta is engaged in five active legal disputes this week, all involving Indian regulators or the Government of India. Allegations include fraud, concealment, and liability avoidance through the proposed demerger.

The Reserve Bank of India has referred Vedanta to the Enforcement Directorate, which previously compelled the return of $123m in brand fees. Singapore’s CAD is also investigating $1.27b in potential remittances routed through Singapore.

Bondholders must now reassess their assumptions regarding regulatory support, cross-border remittance risk, and the viability of upstreaming cash from Indian operations.

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