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Who has tied up a facility of Rs 8,000 crores (replacement facility) with Union Bank of India at 7.75% to take over the majority of the syndicated facility after discussions with lenders?
A)
ITC Limited
B)
Vedanta Ltd
C)
Hindustan Zinc
D)
Jindal Steel and Power

Correct Answer : Option (B) - Vedanta Ltd



Vedanta Ltd has tied up a facility of Rs 8,000 crores (replacement facility) with Union Bank of India at 7.75% to take over the majority of the syndicated facility after discussions with lenders. During 2020, amid the COVID-19 pandemic, Vedanta Ltd had tied up a syndicated facility of ₹10K crores with the State Bank of India as the lead bank at a running cost of 10.5 per cent.
 
This replacement facility was availed on December 28, 2021, to take over the existing Syndicated facility to reduce the overall interest cost of the company and to prepay high-cost debt raised at over 10% two years ago.

Published On : February 3, 2022
Category : Business and Economics
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