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A big news related to Vedanta has come up. Veteran businessman Anil Agarwal-led Vedanta has approved raising Rs 2,500 crore at its board meeting on Thursday. Vedanta Limited will raise this money by issuing secured, unrated, unlisted and redeemable non-convertible debentures (NCD). Shares of Vedanta Ltd on Thursday closed at Rs. It touched a new 52-week low of 224.70. The company’s stock touched a 52-week high of Rs. is 340.75.
Each debenture will have a face value of Rs 1 lakh.
Vedanta Limited will issue 2.5 lakh Non-Convertible Debentures (NCD), each debenture having a face value of Rs. 1 lakh will be. The issue will be done on private placement basis. Non-convertible debentures may be issued in one or more tranches. Vedanta mentioned in its exchange filing over the weekend that the proposal is part of its routine refinancing.
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Vedanta Resources has huge loan repayments
Vedanta Resources, the parent company of Vedanta Ltd, is due to repay about $2 billion in bonds in fiscal 2025. According to Kotak Institutional Equities, Vedanta has to pay down $3.6 billion in debt in the next financial year. Vedanta Resources is largely dependent on dividends from its Indian unit and Hindustan Zinc. Vedanta Limited has paid a dividend of Rs 101.5 per share in FY 2023.
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