Vedanta Shareholders Approve $1 Bln Fundraising Plan

Indian conglomerate Vedanta Ltd. said its shareholders approved the company’s proposal to raise as much as 8,500 crore rupees ($1 billion) through securities.

The shareholders approved the special resolution on June 21 with the requisite majority following an electronic-voting, Vedanta said in a stock exchange announcement.

The diversified natural resources conglomerate plans to raise funds through the issue of equity shares or any financial instruments, including security convertible into equity shares and foreign currency convertible bonds.

Vedanta will raise funds through one or more public or private offerings, further public offering, qualified institutional placement, preferential allotment, rights offering or American depository receipts and global depository receipts.

Note: $1 = 83.5792 Indian rupees

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