Ajay Goel, Vedanta's Acting CFO Resigns, Effective From 9 April

Ajay Goel, the acting chief financial officer at Vedanta has resigned with effect from 9 April to pursue opportunities outside the group.

Vedanta said in a statement that the details of the successor will be announced in due course.

Goel's resignation comes as Anil Agarwal's Vedanta Group struggles to deleverage its balance sheet, with credit rating agencies increasing refinancing risks for the company's bonds.

Moody's Investors Service downgraded Vedanta Resources' corporate family rating (CFR) to Caa1 from B3 earlier this month and maintained a “negative” outlook, citing increasing refinancing risks in debt maturities.

According to Bloomberg, the USD 2 billion in bonds issued by group company Vedanta Resources Ltd will be settled in 2024, with half of it due in January.

S&P Global Ratings, too, stated that if the company is unable to raise USD 2 billion or sell its international zinc assets, its credit ratings may “come under pressure.”

“Ongoing delays in Vedanta Resources' refinancing efforts, as well as its continued reliance on dividend receipts, are depleting liquidity at its operating subsidiaries,” according to Moody's.

Earlier, media reports stated that Agarwal was considering selling up to 5 per cent of his stake in the mining company if all other fundraising options failed.

Agarwal, on the other hand, denied the allegations and assured investors that the group was adhering to its debt obligations.

Earlier this month, Vedanta's subsidiary Hindustan Zinc declared an interim dividend of Rs 26 per share, and today, Vedanta declared an interim dividend of Rs 20.50 per share.

Vedanta shares closed 0.6 per cent higher at Rs 274.25 on the National Stock Exchange today.