“The committee of Directors at its meeting held today i.e., Thursday, June 20, 2024, has considered and approved raising of secured, rated, listed, redeemable, non-convertible debentures (“NCDs”) on a private placement basis, (upto 1,00,000 nos. of face value ₹ 1,00,000/- each) aggregating upto ₹ 1,000 Crores,” said the company in a filing to the stock exchanges.
In the past two months, Vedanta’s board had approved raising up to $300 million through debentures and a further up to $1 billion, although it is yet to decide on the structure and mode of that fundraise.
Vedanta’s net debt rose 25% to Rs 56,338 crore as of March 31, while its full-year cash and cash equivalents fell to Rs 2,812 crore from Rs 6,926 crore a year earlier.
Also read: Suzlon Energy shares hit 5% upper circuit amid block dealEarlier in the month, the company also got State Bank of India’s (SBI) approval to proceed with the split of its existing businesses into six independent entities.Chairman Anil Agarwal also emphasized earlier that the company is going strong in their business and has a plan to invest USD 20 billion across sectors in four years focusing on technology, electronics, and glass businesses apart from the existing business activities.Vedanta shares have gained 68% in the last one year while in the last 6 months, the stock has increased by approximately 90%. Further, on a year-to-date basis, the stock has risen by 85% and 78% in the last 3 months.
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