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Vedanta gets nod to raise up to Rs350 crore via NCDs

LiveMint logoLiveMint 31-05-2017 PTI

New Delhi: Vedanta Ltd on Wednesday said that a board-appointed panel has approved raising up to Rs350 crore via issuance of non-convertible debentures (NCDs).

“A meeting of duly authorised committee of directors was held today...for approving offering for subscription, on a private placement basis, up to 3,500 secured, rated, listed, redeemable non-convertible debentures...aggregating up to Rs350 crore,” Vedanta said in a BSE filing.

The NCDs are “to be redeemed after two years from date of allotment through cash flows of the company,” the company said.

Shares of the company were trading down 2.29% at Rs239.30 on the BSE.

Vedanta is one of the world’s leading diversified natural resources companies. It is involved in production of zinc, lead, silver, aluminium, copper, iron ore, oil and gas and commercial power, while its operations span across India, South Africa, Namibia, Ireland and Australia.

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