Updated December 19th, 2023 at 12:18 IST
Anil Agarwal’s Vedanta looks to raise Rs 3,400 crore through NCD
The fundraising will create a long-term sustainable capital structure for the company, demonstrates continued ability to access global capital: Vedanta
Mumbai-headquartered multinational mining company Vedanta Ltd. has approved raising of Rs 3,400 crore by issuing Non-Convertible Debentures (NCDs), the company said Tuesday.
The Anil Agarwal-led energy conglomerate on Monday, had declared its second interim dividend worth Rs 11 per share for financial year 2024, resulting in a total payout of Rs 4,089 crore.
The fundraising will create a long-term sustainable capital structure for the company… also demonstrate the company's continued ability to access global capital markets and investor confidence in the underlying business, Vedanta said in a statement.
Notably, the announcements come just before Vedanta's debt repayment deadline in January 2024, worth $1 billion.
Vedanta Plc, which owns a 63.71 per cent stake in the listed entity as of September 30, will be entitled to a payout of Rs 2,065 crore.
The listed entity will also receive a dividend tranche worth Rs 1,645 crore from its subsidiary Hindustan Zinc, in which it owns a 64.92 per cent stake.
Shares of Vedanta were trading 0.5 per cent higher at Rs 262.
Published December 19th, 2023 at 12:18 IST