The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Deals of the Year 2011: Vedanta Resources

Vedanta Resources
Value $6 billion acquisition financing for Cairn India with $1.65 billion bond
Bookrunners Barclays, Citi, Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, RBS, Standard Chartered
return to the Asian Deals of the Year index

Despite challenges in credit markets, there was still room for innovation and scale in Asian high yield, with the standout deal coming from India. This came as part of Vedanta Resources’ takeover of a stake in Cairn India, a process that began in 2010 and required a swift raising of $6 billion of capital. This started out as a $3.5 billion term loan, a $1.5 billion bridge-to-bond deal and $1 billion bridge-to-equity. By the time it became clear that the deal was going to go through, Vedanta sought to take out the bridge-to-bond bit, and did so with a $1.65 billion bond that became India’s biggest corporate bond to date, and the largest true corporate – that is, not a government body – from anywhere in south or southeast Asia.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree