Vedanta to raise Rs 500 crore via NCDs

Vedanta Ltd today announced it proposes to raise up to Rs 500 crore via issuance of non- convertible debentures (NCDs).

"We would like to inform you that the company proposes to offer rated, secured, redeemable, non-cumulative, non- convertible debentures aggregating to Rs 500 crore," Vedanta Ltd said in a filing to BSE.

It is holding a meeting of its committee of directors next week on this issue.

"The above issuance is pursuant to the approval of the Shareholders passed vide Special Resolution at the 52nd Annual General Meeting of the Company held on July 14, 2017 and the Board of Directors' resolution passed at its meeting held on July 29, 2015," the filing said.

Vedanta Ltd is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.

Vedanta is the Indian subsidiary of Vedanta Resources Plc, a London-listed company.