The promoters of India’s Vedanta company have put up their 63.71% stake as security for loans. But, they can’t use these shares for any other financial deals. A trustee has verified this rule.
The stake was given to Madison Pacific Trust as security, and Axis Trustee Services is managing things in India. This decision came after the promoters used their entire stake for a loan.
Specific rules are in place. Vedanta Holdings Mauritius II Ltd. promised not to sell its Vedanta Ltd. shares. Additionally, Twin Star Holdings Ltd. and Welter Trading Ltd. can’t put any claims on these shares. The trustee, Axis Trustee Services, has made sure everything is set up correctly. This pledge also covers other important companies linked to the promoters.
Using shares as security means they can’t be sold or moved without permission. This action by the promoters shows they are serious about borrowing money for Vedanta Ltd.
Stay informed with our financial updates, stocks, bonds, commodities. Get global & political insights. Follow us & enable notifications for the latest updates.
