Shares of Vedanta Ltd today ended with gains of nearly 6 per cent after the mining conglomerate said it will raise up to Rs 300 crore through private placement of non-convertible debentures (NCDs).
A committee constituted by Vedanta's Board today approved offering for subscription, on a private placement basis, up to 3,000 secured, rated, listed, redeemable, NCDs of face value Rs 10 lakh each aggregating up to Rs 300 crore. The NCDs will be listed on the BSE and will mature on April 22, 2020.
Reacting to the development, shares of the company surged 5.30 per cent to touch an intra-day high of Rs 207.50. At the end of today's trading session, the shares lost some ground and was trading at Rs 206.70, up 4.90 per cent on BSE.
Following the uptick in the counter, the market capitalisation of the company improved by Rs 2,860 crore to Rs 61,280.23 crore.
Similar movement was seen on NSE as well, where the stock touched an intra-day high of Rs 208.15 and finally settled for the day at Rs 207.95, up 5.69 per cent.
Market experts said that besides the fund raising plans, the positive broader market trend also helped the stock.
The 30-share benchmark index Sensex today closed at 25,960.78, up 195.64 points.
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