Vedanta to raise up to Rs 2,000 cr through non-convertible debentures

Vedanta Ltd on Sunday said it proposes to raise up to Rs 2,000 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 up to Rs 2,000 crore in one or more tranches," Vedanta said in a filing to the BSE.

The company will hold a meeting of its committee of directors on Wednesday on this issue.

"The above issuance is pursuant to the approval of the shareholders passed vide special resolution at the 53rd annual general meeting of the company held on August 24, 2018 and the board of directors' resolution passed at their meeting held on May 7, 2019," 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 presence across India, South Africa, Namibia, Australia and Ireland.

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