Vedanta shines on fund raising plan

Vedanta gained 4.23% to Rs 296.70 at 10:15 IST on BSE after the company said that duly constituted committee of the board of directors will meet on 19 December 2017 to consider proposal to offer non-convertible debentures.

The announcement was made after market hours yesterday, 14 December 2017.

Meanwhile, the S&P BSE Sensex was up 316.31 points or 0.95% at 33,563.01.

On the BSE, 2.27 lakh shares were traded on the counter so far as against the average daily volumes of 7.2 lakh shares in the past two weeks. The stock had hit a high of Rs 297.70 and a low of Rs 289.15 so far during the day. The stock had hit a 52-week high of Rs 346.80 on 3 November 2017. The stock had hit a 52-week low of Rs 205 on 27 December 2016.

The stock fell 8% over the past one month till 14 December 2017, underperforming the Sensex's 0.93% rise. The scrip had also underperformed the market in past one quarter, dropping 10.94% as against Sensex's 3.12% rise. The scrip had also underperformed the market in past one year, gaining 20.69% as against Sensex's 24.97% rise.

The large-cap company has equity capital of Rs 371.72 crore. Face value per share is Re 1.

Vedanta said that duly constituted committee of the board of directors will meet on 19 December 2017 to consider proposal to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating to Rs 500 crore.

The issuance is pursuant to the approval of the shareholders passed vide special resolution at the 52nd annual general meeting of the company held on 14 July 2017 and the board of directors' resolution passed at its meeting held on 29 July 2015.

Vedanta's consolidated net profit rose 19.7% to Rs 2986 crore on 36.1% growth in net sales to Rs 21590 crore in Q2 September 2017 over Q2 September 2016.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power.

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