Anil Agarwal-led resources conglomerate Vedanta has encumbered a part of its stake in Hindustan Zinc (HZL) to raise Rs 1,500 crore in loans against those shares at more than 50% margin to their market value, Vedanta told the exchanges in a mandatory filing Thursday.
The shares, amounting to 2.44% of HZL’s total share capital, are worth about ₹3,300 crore, said the note to the exchanges. The encumbrance has been created in the favour of Axis Trustee Services, which is acting as the facility agent for the loan.
