Vedanta to raise Rs 500 cr via securities issue this week

A bird flies by the Vedanta office building in Mumbai August 16, 2010. India-focused miner Vedanta Resources said it will buy 51-60 percent of Cairn India for about $8.5-9.6 billion in cash to be funded via debt and cash resources, a move that would represent Vedanta's first foray into oil and gas, and help Edinburgh-based Cairn Energy fund an expensive drilling programme in Greenland. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS ENERGY) - RTXSAAV

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Vedanta Ltd today said it will raise up to Rs 500 crore this week through an issue of securities on private placement basis.

The duly authorised committee of directors in a meeting today approved offering for subscription, on a private placement basis, up to 500 secured, rated, non-cumulative, redeemable, non-convertible debentures (NCDs) aggregating up to Rs 500 crore, Vedanta Ltd said in a filing to BSE.

The date of allotment of securities is December 20, 2017 and date of maturity is December 4, 2020, the filing said. Vedanta Ltd is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.

The company has a presence across India, South Africa, Namibia, Australia and Ireland. Vedanta is the Indian subsidiary of Vedanta Resources Plc, a London-listed company.