GLAS Agency discloses encumbrance on Vedanta Group shares for bonds

GLAS Agency (Hong Kong) Ltd, acting as trustee and security agent for bondholders, has made a disclosure under SEBI Takeover Regulations 29(1). This disclosure pertains to the creation of encumbrance over equity shares of Vedanta Limited, Vedanta Power Limited, Vedanta Oil and Gas Limited, Vedanta Iron And Steel Limited, and Vedanta Aluminium Metal Limited. These shares are held by Vedanta Resources Limited (VRL) through its subsidiaries. The encumbrance arises from contractual restrictions related to US$400 million Tap Bonds issued by Vedanta Resources Finance II PLC. The terms of these bonds include restrictions on Promoter Group Entities creating further encumbrances, acquiring/disposing of shares, and VRL Group maintaining at least 50.1% control in Vedanta Aluminium Metal Limited. It is clarified that no actual pledge has been created over the shares as of the disclosure date, but the contractual terms are deemed an 'encumbrance' under the Takeover Regulations.