Vedanta to raise up to Rs 1,500 cr through NCDs

Vedanta Ltd today said its board has approved the company's plans to raise up to Rs 1,500 crore in one or more tranches through issuance of non-convertible debentures (NCDs).

"A meeting of the duly authorized Committee of Directors was held today i.e. July 3, 2018 ... for approving offering for subscription, on a private placement basis, up to 15,000 Secured, Rated, Non-Cumulative, Redeemable, Non-Convertible Debentures (NCDs) of face value Rs 10,00,000 each aggregating up to Rs 1500 Crores in one or more tranches," Vedanta Ltd said in a BSE filing.

About the tenure of the instrument, the company said it will be of "two years 2 years and 363 days from Not exceeding 3 years allotment and date of maturity; the deemed date of allotment for upto Rs 1000 crore."