Vedanta Ltd Board Approves Up to Rs 3,000 Crore Fund Raise via Non-Convertible Debentures
Vedanta Ltd Sees 4% Gain in Share Price
On Tuesday, Vedanta Ltd's shares rose by over 4% in trade, with the stock trading at Rs 723.50, a 4.1% increase from the previous day. Over the past one year, the company's shares have gained approximately 76.8%.
Vedanta Ltd has approved a fresh fund-raising plan through the issuance of Rs 3,000 crore in unsecured, rated, listed, redeemable non-convertible debentures (NCDs) on a private placement basis. The company plans to issue up to 300,000 NCDs, each with a face value of Rs 1,00,000. The proposed NCDs will be listed on the BSE.
Details regarding the tenure, coupon, schedule of interest payments, and security will be disclosed in the offer document. Notably, Vedanta Ltd has stated that there have been no delays or defaults in payment of interest or principal on its debt obligations as of the current date.
Read also: Expert Portfolio Manager Raja Venkatraman Names Top Investment Picks for June 4
Investor Takeaway
Investors should be aware of Vedanta Ltd's plan to raise up to Rs 3,000 crore via non-convertible debentures.
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