Vedanta shares up 2.5% on fund raising plans

Led by the gain in the stock price, the company's market valuation surged by Rs 1,289.89 cr to Rs 56,773.89 cr

Shares of mining major Vedanta on Wednesday rose by 2.5 per cent after the company said it will raise up to Rs 1,250 crore through issuance of non-convertible debentures (NCDs).

The scrip went up by 2.32 per cent to end at Rs 191.50 on BSE. During the day, it gained three per cent to Rs 192.80.

At NSE, shares of the company rose by 2.51 per cent to close at Rs 191.70.

Led by the gain in the stock price, the company's market valuation surged by Rs 1,289.89 crore to Rs 56,773.89 crore.

In terms of volume, 17.39 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

"The Committee of Directors of the Board of Directors of the company in their meeting held on September 30, 2016 has approved issuance of non-convertible debentures up to Rs 1,250 crore," Vedanta Ltd said in a BSE filing on Wednesday.