Vedanta plans to raise up to Rs 1,500 cr through NCDs
Vedanta has said it plans to raise up to Rs 1,500 crore through issuance of non-convertible debentures (NCDs).
June 28, 2018 / 08:58 PM IST
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
Vedanta Ltd on Thursday said it plans to raise up to Rs 1,500 crore through issuance of non-convertible debentures (NCDs).
"The company proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating up to Rs 1,500 crore in one or more tranches," Vedanta Ltd said in a BSE filing.
A meeting of the duly constituted committee of the directors is likely in this regard next week, the filing said.
"The above issuance is pursuant to the approval of the shareholders passed vide special resolution at the 52nd annual general meeting of the company held on July 14, 2017 and the board of directors' resolution passed at their meeting held on January 31, 2018 and June 26, 2018," the filing said.
Vedanta Ltd, a Vedanta Group company is a global diversified natural resources firm, with operations across zinc-lead-silver, oil and gas, iron ore, copper, aluminium and commercial power.