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Vedanta promoters raise Rs.6,000-Cr by pledging shares with Stanchart, Madison Pacific Trust

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The holding companies of Vedanta have raised USD 800 million (about INR 6,000 crore) by pledging shares of the company with Madison Pacific Trust and Standard Chartered Bank. Accordingly, Twin Star Holdings, a promoter group company, as a borrower, is in pact with Standard Chartered Bank and Madison Pacific Trust to raise USD 400 million (about INR 3,000 crore). Vedanta Resources and Welter Trading had stood guarantor to the borrowing. Similarly, Vedanta Netherland Investments BV has borrowed USD 150 million (INR 1,125 crore) from the same lenders with the guarantee extended by Vedanta Resources and Vedanta UK Investments. In a separate agreement, Vedanta Resources had raised USD 250 million (INR 1,875 crore) from Standard Chartered Bank Hong Kong and Madison Pacific Trust.