Vedanta mulls raising funds via issue of equity shares, FPO, rights issue

During the meeting, the company is also set to announce first Interim dividend on equity shares, if any, for the Fy 2024-25, Vedanta said.

Team Moneycontrol

May 13, 2024 / 22:04 IST

Vedanta aims to reduce its standalone debt by $3 billion over the next three years.

26 Aug, 2025 12:21

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Mining conglomerate Vedanta Ltd is considering to raise funds though issue of equity shares or via by way of further public offer, rights issue, or other ways. The decision is expected to be approved during the board meeting scheduled to be held on May 16, the company said in a filing on May 13.

During the meeting, the company is also set to announce first Interim dividend on equity shares, if any, for the Fy 2024-25, Vedanta said. Among other ways, the company is looking at raising cash through American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds etc.

Earlier last month, the metals-to-oil conglomerate said it will raise up to Rs 2,500 crore ($299.6 million) through debt securities and that the fundraise will take place through the issue of non-convertible debentures on a private placement basis.

According to a Bloomberg report, Vedanta Ltd. has mandated JPMorgan Chase & Co. to help it raise $300 million via rupee-denominated bonds.

The move comes as the company aims to reduce its standalone debt by $3 billion over the next three years. Vedanta reported a reduction in net debt to Rs 56,338 crore as of March 31, down Rs 6,155 crore from the preceding three months.