Anil Agarwal-led resources conglomerate Vedanta has encumbered a part of its stake in Hindustan Zinc (HZL) to raise Rs 1,500 crore in loans against those shares at more than 50% margin to their market value, Vedanta told the exchanges in a mandatory filing Thursday.
The shares, amounting to 2.44% of HZL’s total share capital, are worth about ₹3,300 crore, said the note to the exchanges. The encumbrance has been created in the favour of Axis Trustee Services, which is acting as the facility agent for the loan.
Source:
Economic Times
