Vedanta Eyes $120 Mln Fundraising Via debentures

Vedanta Ltd. plans to raise up to 1,000 crore rupees ($120 million) through the issuance of debentures.

The conglomerate will issue up to 100,000 senior, secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value of 100,000 rupees each on a private placement basis, Vedanta said in a stock exchange announcement.

The company’s authorized committee of directors approved the proposed fundraising today. Vedanta, which plans to list the NCDs on the BSE, didn’t disclose how it will utilize the funds.

Note: $1 = 83.4230 Indian rupees

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