VEDL, through its overseas subsidiary CIHL, has advanced an inter-corporate loan of USD956m to its parent Vedanta Resources (VRL) during Apr-Oct'20 (1QFY21 USD307m, 2QFY21 USD200m and Oct'20 USD450m), repayable gradually over the next three years. At the same time, VEDL has passed on <50% of dividend received from subsidiary Hindustan Zinc (HZL). Given lack of clarity on distribution of HZL's dividend and capital allocation concerns, we have raised Holdco discount for HZL to 30% (from 10%). Moreover, high leverage and scheduled debt repayments at parent VRL...