MUMBAI, India, July 26, 2019 /PRNewswire/ -- Cairn India
Holdings Limited (CIHL), an overseas subsidiary of the Company, and
Volcan Investments Limited have agreed to unwind entirely the
structured investment entered between them in December 2018 ahead of the originally envisaged
schedule. With this, Volcan will exercise the early exchange option
available to it on 26 July 2019 and
consequent to this the full exchange of its two issues of mandatory
exchangeable bonds secured by shares in Anglo American plc, will settle on 12 August 2019. The share price of Anglo American has close to doubled, since
Volcan invested, delivering attractive gains to all investors.
The investment by CIHL, which was entered into as part of its
cash management activities, has delivered a net gain of over
USD 100 mm in the 8 month period it
was held. Cash proceeds from the settlement of the transaction will
be paid to CIHL on 13 August
2019.
Srinivasan Venkatakrishnan, CEO
of VEDL, said, "We are pleased this structured investment has
achieved a superior return for CIHL, as we expected when it was
entered into. Our strategy continues to be to focus on our existing
businesses, where we believe that there are significant
opportunities to unlock their full potential. The unwinding
reflects our disciplined approach to treasury management and
capital allocation together with our commitment at all times to act
in the interests of all shareholders."
Following the redemption of the structured instrument, completed
with due Board approvals, CIHL will have no further economic
exposure to Anglo American plc
shares.
About Vedanta Limited
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is
one of the world's leading diversified natural resource companies
with business operations in India,
South Africa, Namibia and Australia. Vedanta is a leading producer of
Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Aluminium,
Steel and Commercial Power.
Governance and Sustainable Development are at the core of
Vedanta's strategy, with a strong focus on health, safety and
environment and on enhancing the lives of local communities. The
company is conferred with the Confederation of Indian Industry
(CII) 'Sustainable Plus Platinum label', ranking among the top 10
most sustainable companies in India.
Vedanta Limited is listed on the Bombay Stock Exchange and the
National Stock Exchange in India
and has ADRs listed on the New York Stock Exchange.
For more information, please visit www.vedantalimited.com
Vedanta Limited
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
www.vedantalimited.com
Registered Office:
Regd. Office: 1st Floor,
'C' wing, Unit 103,
Corporate Avenue, Atul Projects,
Chakala, Andheri (East),
Mumbai – 400093
CIN: L13209MH1965PLC291394
Important notice
Certain information contained in this announcement, including
any information as to the Group's strategy, plans or future
financial or operating performance constitutes "forward-looking
statements". These forward-looking statements can be identified by
the use of terminology such as, "aims", "anticipates", "assumes",
"believes", "budgets", "could", "contemplates", "continues",
"estimates", "expects", "intends", "may", "plans", "predicts",
"projects", "schedules", "seeks", "shall", "should", "targets",
"would", "will" or, in each case, their negative or other
variations or comparable terminology. Forward-looking statements
appear in a number of places throughout this announcement and
include, but are not limited to, express or implied statements
relating to the Group's business strategy and outlook; the Group's
future results of operations; the Group's future financial and
market positions; expectations as to future growth; general
economic trends and other trends in the industry in which the Group
operates; the impact of regulations on the Group and its
operations; and the competitive environment in which it
operates.
By their nature, forward-looking statements are based upon a
number of estimates and assumptions that, whilst considered
reasonable by the Directors and the Company, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results
to differ materially from those indicated, expressed or implied in
such forward-looking statements. Forward-looking statements are not
guarantees of future performance. Any forward-looking statements in
this announcement reflect the Directors' and the Company's current
view with respect to future events and are subject to certain risks
relating to future events and other risks, uncertainties and
assumptions. The forward-looking statements contained in this
announcement speak only as at the date of this announcement. The
Directors and the Company disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained in this announcement to reflect any change in
their expectations or any change in events, conditions or
circumstances on which such statements are based unless required to
do so by applicable law. You are cautioned against placing undue
reliance on any forward-looking statement in this announcement.
For further information, please contact:
Communications
Arun
Arora
Head, Corporate
Communications
|
Tel:
+91-11-49166250
gc@vedanta.co.in
|
Investor
Relations
Rashmi
Mohanty
Director – Investor
Relations
|
Tel:
+91-22-6646-1531
vedantaltd.ir@vedanta.co.in
|
Suruchi
Daga
Associate General
Manager – Investor Relations
Raksha
Jain
Manager – Investor
Relations
|
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SOURCE Vedanta Limited