Vedanta gets approval to raise up to Rs 3,400 crore through NCDs
New Delhi: Mining group Vedanta Ltd on Tuesday said a committee of directors constituted by the company’s board has approved raising up to Rs 3,400 crore through non-convertible debentures.
The company will issue non-convertible debentures (NCDs) in one or more tranches on a private placement basis.
“The duly authorized committee of directors in its meeting today considered and approved the raising of up to Rs. 3,40,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) on private placement basis.” “The value is Rs 1,00,000,000,000 in one or more tranches, aggregating to Rs 3,400 crore,” the company said in a stock exchange filing.
Vedanta Group’s UK-headquartered parent company, Vedanta Resources Ltd (VRL), last week said it had raised US$1.25 billion from private lenders to refinance part of its US$3.2 billion debt maturing in 2024 and 2025. Have received a loan of Rs.
In a statement, Vedanta Resources said the new fund to be raised will help ‘build a long-term sustainable capital structure’ and demonstrate its continued ability to access global capital markets and investor confidence in the underlying business.
Vedanta Group has significant operations in businesses such as oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate.
