The Bank of New York Mellon has been appointed by India-based Vedanta Resources to provide multiple corporate trust services for its $1.25 billion convertible bond issue. The Bank of New York Mellon will act as note trustee, registrar, paying agent, conversion and transfer agent, and common depositary.
Vedanta, a metals and mining company, launched the $1.25 billion convertible bond in June 2009 in the Indian equity-linked market. Vedanta, which has operations in India, Australia and Zambia, will use the proceeds of the offering to finance its organic growth pipeline, to increase ownership interest in its subsidiaries and for general corporate purposes.
Gary Lew, head of Asia Pacific, corporate trust at The Bank of New York Mellon, said: This renewed positive sentiment presents strong opportunities for The Bank of New York Mellon in India. As one of the largest capital raising deals in terms of value raised in the domestic market in the past five quarters, our work for Vedanta shows that we have the experience and track record to service groundbreaking transactions like this.”
