Vedanta greenlights Rs 3,400 cr NCDs raise for capital structure enhancement

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Vedanta greenlights Rs 3,400 cr NCDs raise for capital structure enhancement

Vedanta greenlights Rs 3,400 cr NCDs raise for capital structure enhancement

Industry News
Dec 20,23

Last week, Vedanta Resources (VRL), the UK-headquartered parent company of the Vedanta group, announced securing a USD 1.25-billion loan from private lenders to refinance a portion of its $3.2-billion debt maturing in 2024 and 2025.

Vedanta greenlights Rs 3,400 cr NCDs raise for capital structure enhancement

Vedanta, a mining conglomerate, announced that a committee of directors, appointed by the company's board, has given approval to raise up to Rs 3,400 crore through non-convertible debentures (NCDs). The company intends to issue these NCDs on a private placement basis in one or more tranches.

According to a stock exchange filing, the Committee of Directors, duly authorised, held a meeting and approved the issuance of up to 3,40,000 secured, unrated, unlisted, redeemable, non-convertible debentures with a face value of Rs 1,00,000 each, aggregating up to Rs 3,400 crore in one or more tranches.

Last week, Vedanta Resources (VRL), the UK-headquartered parent company of the Vedanta group, announced securing a $1.25-billion loan from private lenders to refinance a portion of its $3.2-billion debt maturing in 2024 and 2025.

In a statement, Vedanta Resources highlighted that the funds to be raised will contribute to establishing a long-term sustainable capital structure, showcasing the company's ongoing ability to access global capital markets and reflecting investor confidence in the underlying business.

The Vedanta Group operates significantly across various sectors, including oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power, and glass substrate.

Source: Economic Times