MUMBAI: The Anil Agarwal-led mining conglomerate Vedanta Ltd announced plans on Tuesday to raise Rs 3,400 crore through the issue of Non-Convertible Debentures (NCDs) ahead of its bond repayment that falls due in January 2024.
“The duly authorised Committee of Directors at its meeting held today...Considered and approved for raising, on a private placement basis, up to 3,40,000 nos secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of face value Rs 1,00,000 each aggregating up to Rs 3,400 crore in one or more tranche(s),” the company said in a stock exchange filing.
The debt-ridden company has to make bond repayments to the tune of $3.2 billion over the next two years. As much as$2 billion worth of bonds are scheduled for repayment in 2024.