Business Standard

Anil Agarwal-led Vedanta Group to raise $300 mn through debt securities

The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 3,400 crore rupees

Photo: Bloomberg

Photo: Bloomberg

Reuters BENGALURU

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Indian metals-to-oil conglomerate Vedanta will raise up to 2,500 crore rupees ($299.6 million) through debt securities, the company said on Thursday.
The fundraise will take place through the issue of non-convertible debentures on a private placement basis. The billionaire Anil Agarwal-led company did not mention what the proceeds will be used for.
The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 34 billion rupees.
Vedanta's net debt increased to 62,493 crore rupees as on Dec. 31, 2023 from 57,771 crore rupees, it said in its third-quarter update. Its cash and cash equivalents fell to 12,734 crore rupees at the end of December from 16,702 crore rupees.
Earlier in the day, the miner reported higher aluminium and refined zinc production for the fourth quarter, while refined lead production fell.
Vedanta last year said it planned to restructure by splitting into six separate units, in a move that analysts said would unlikely alleviate the cash-strapped group's debt concerns.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Apr 04 2024 | 1:54 PM IST

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