The board of directors of Vedanta Limited approved raising funds up to Rs 2,500 crore via non-Convertible Debentures (NCDs) on a private placement basis, the company informed bourses on September 21.
“We hereby inform that the duly authorized Committee of Directors at its meeting held today i.e., Thursday, September 21, 2023, considered and approved for raising, on a private placement basis, up to 2,50,000 nos. Secured, Unrated, Unlisted, Redeemable, NonConvertible Debentures(“NCDs”) of face value Rs 1,00,000 each, aggregating up to Rs 2,500 crores in one or more tranche(s),” the company said.
The Anil Agarwal-led company had earlier in the month said that the issuance of NCDs is part of its routine refinancing that is undertaken in the ordinary course of business.
Vedanta Ltd, an oil, mining, and metals conglomerate, had gross debt of Rs 66,182 crore as on end-March. The company’s net debt soared from Rs 38,076 as on December 2022 to Rs 45,260 crore as on March 2023. The company had earlier said that its net debt-to-earnings before interest, taxes, depreciation and amortisation ratio was at 1.28 times as of March.
Shares of Vedanta Ltd closed at Rs 226.70 at BSE on September 21, down 2.20 percent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
