Vedanta gets approval to raise Rs 3,400 crore through NCD
New Delhi: A committee of directors constituted by the board of mining group Vedanta Limited has approved raising up to Rs 3,400 crore through non-convertible debentures (NCDs).
The company will issue non-convertible debentures (NCDs) in one or more tranches on a private placement basis. Vedanta Limited said in a filing to the stock exchange, “The duly authorized committee of directors, in its meeting today, approved on private placement basis 3,40,000 face value secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) ) considered and approved. Its total cost comes to Rs 3,400 crore.
Vedanta Resources Limited (VRL), the flagship company of the Group, had informed last week VRL share that it has been successful in obtaining funding of $ 1.25 billion to repay its debts. The company had said that this funding will help it create a sustainable capital structure in the long term.
