GLAS Agency discloses encumbrance on Vedanta Group shares for bonds

GLAS Agency (Hong Kong) Ltd, acting as trustee and security agent for bondholders, has disclosed the creation of encumbrance over equity shares of Vedanta Limited and its listed Indian subsidiaries (Vedanta Power, Vedanta Oil and Gas, Vedanta Iron And Steel, Vedanta Aluminium Metal). This disclosure is made under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The encumbrance relates to new Tap Bonds issued by Vedanta Resources Finance II PLC, a subsidiary of Vedanta Resources Limited (VRL). The terms and conditions of these bonds include restrictions on Promoter Group Entities creating encumbrances and VRL Group maintaining control/ownership of Vedanta Oil and Gas Limited. It is clarified that no actual pledge has been created over the shares as of the disclosure date, but the contractual restrictions may fall within the definition of 'encumbrance' under the Takeover Regulations.