Khaitan & Co advised Vedanta Ltd (VEDL) on the transfer of (i) listed, rated, secured, redeemable non-convertible debentures aggregating INR 6,089 crores and (ii) listed, rated, unsecured, redeemable non-convertible debentures aggregating INR 2,600 crores, each listed on BSE Ltd and issued by VEDL, to Vedanta Aluminium Metal Ltd (VAML). The transfer was undertaken pursuant to a composite scheme of arrangement involving VEDL, VAML, Vedanta Power Limited (formerly known as Talwandi Sabo Power Ltd), Vedanta Oil & Gas Ltd (formerly known as Malco Energy Ltd) and Vedanta Iron and Steel Ltd, along with their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013.
The debentures were held by several marquee institutional investors including Life Insurance Corporation of India as a secured debenture holder. The transaction involved close coordination with BSE, NSDL, and CDSL to ensure compliant transfer of the debentures.
The core team consisted of Manisha Shroff (Partner), Mohit Nad (Counsel), Siddarth Goel (Senior Associate), Mayank Chaturvedi (Senior Associate) and Priyam Indurkhya (Associate)