18 AUGUST 2015www.livemint.com
Vedanta to raise INR 2,000 crore to refinance debt
Edited by : AL CIRCLE
2 min read
Vedanta Ltd, the mining and oil and gas arm of Anil Agarwal’s Vedanta Resources Plc., plans to raise INR 2,000 crore by issuing non-convertible debentures (NCDs) in a bid to refinance a part of the company’s debt, the company informed the stock exchanges on Monday.
This issue is part of the overall approval to raise INR 8,000 crore given by its board and its shareholders during the company annual shareholders’ meet held on 11 July 2015.
“Vedanta Ltd is subject to favourable market conditions in the process of issuing Secured, Rated, Non-Cumulative, Redeemable Non-Convertible Debentures (NCDs) of INR 10,00,000/- (Rupees Ten Lakhs Only) each up to INR 2000,00,00,000/- (Rupees Two Thousand Crores Only) on Private Placement basis,” the company said in its statement.
The NCDs will be listed on the BSE.
Vedanta Ltd is a highly indebted company with a consolidated gross debt of INR 77,752 crore and a net debt of INR 31,540 crore. Most of the debt was accumulated in setting up and running its aluminium production capacity in Odisha.
As on 1:30 pm, shares of Vedanta Ltd were trading at INR104.65 per share, down 2.38% as against the benchmark BSE Sensex which was down 0.67% at 27,879.12.
The shares of the company have fallen by almost 65% in the last one year on the back of falling crude oil and commodity prices.
This issue is part of the overall approval to raise INR 8,000 crore given by its board and its shareholders during the company annual shareholders’ meet held on 11 July 2015.
“Vedanta Ltd is subject to favourable market conditions in the process of issuing Secured, Rated, Non-Cumulative, Redeemable Non-Convertible Debentures (NCDs) of INR 10,00,000/- (Rupees Ten Lakhs Only) each up to INR 2000,00,00,000/- (Rupees Two Thousand Crores Only) on Private Placement basis,” the company said in its statement.
The NCDs will be listed on the BSE.
Vedanta Ltd is a highly indebted company with a consolidated gross debt of INR 77,752 crore and a net debt of INR 31,540 crore. Most of the debt was accumulated in setting up and running its aluminium production capacity in Odisha.
As on 1:30 pm, shares of Vedanta Ltd were trading at INR104.65 per share, down 2.38% as against the benchmark BSE Sensex which was down 0.67% at 27,879.12.
The shares of the company have fallen by almost 65% in the last one year on the back of falling crude oil and commodity prices.
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