Bondholders of Vedanta now have an extended timeframe to provide consent for the new due date.

Vedanta Resources, headquartered in London, has decided to extend the deadline for seeking consent to extend the maturity date of its bonds to January 2, 2024, citing the holiday period as a reason for the extension.

The company provided this additional time frame to accommodate bondholders who were encountering operational challenges in submitting their consent instructions, especially during the year-end holiday period. The original deadline for consent submission was scheduled for December 27, 2023. Vedanta emphasized in a regulatory update that the extension aims to facilitate feedback from bondholders who may face difficulties meeting the original early consent deadline due to the holiday season.

A meeting of the bondholders is now scheduled for January 4, 2024. However, Vedanta has set a subsequent deadline of January 29, 2024, to satisfy the consent conditions. If the conditions are not met by this date, the solicitations will be terminated.

The decision to extend the deadline reflects the company's understanding of the challenges posed by the holiday period, acknowledging the need to provide bondholders with a more feasible timeframe for consent submission. The January 4 meeting will likely play a crucial role in determining the outcome of the consent solicitations.

Vedanta's regulatory update emphasizes the importance of adhering to the revised timeline and the significance of bondholders fulfilling the consent conditions by the specified dates. This extension period allows for a more inclusive and flexible approach, recognizing the practical constraints faced by stakeholders during the holiday season.

In summary, Vedanta Resources has postponed the deadline for bondholders to provide consent for extending the maturity date of its bonds to January 2, 2024, with a subsequent bondholders' meeting on January 4, 2024, and a final deadline for meeting consent conditions by January 29, 2024. The company's decision reflects a pragmatic response to the operational challenges posed by the holiday period and aims to ensure a more accessible and accommodating process for bondholders.