Vedanta Gets Nod To Raise Up To Rs 3,400 Crore Via NCDs

Mining conglomerate Vedanta Ltd on Tuesday said a committee of directors formed by the company's board has approved raising up to Rs 3,400 crore through non-convertible debentures.

The company will issue NCDs on a private placement basis in one or more tranches.

"The duly authorised Committee of Directors at its meeting held today... considered and approved for raising, on a private placement basis, up to 3,40,000 secured, unrated, unlisted, redeemable, NCDs of face value Rs 1,00,000 each aggregating up to Rs 3,400 crore in one or more tranches," the company said in a stock exchange filing.

Vedanta Resources Ltd, the UK-headquartered parent company of Vedanta group, had said last week that it secured a $1.25-billion loan from private lenders to refinance part of its $3.2-billion debt maturing in 2024 and 2025.

In a statement, Vedanta Resources said the fresh fund to be raised will help 'create a long-term sustainable capital structure' and demonstrate its continued ability to access global capital markets and investor confidence in the underlying business.

Vedanta Group has significant operations in businesses like oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power, and glass substrate.