Mining giant Vedanta raising $1.7bn through bond offering

MUMBAI: London-listed resources giant Vedanta Group, controlled by tycoon Anil Agarwal, said Thursday it had raised $1.7 billion through a high-yield bond offering that it plans to use to refinance debt.

The mining and resources group said in a statement the money raised would be used to refinance a loan taken out to buy a controlling stake in oil and gas explorer Cairn India three years ago.

Vedanta, which has annual revenues of around $14 billion, said the bond offering was one of the "largest corporate high-yield bond issuances out of Asia ex-Japan" and the success of the transaction showed "its financial strength".