Hot Pursuit     20-Jun-24
Vedanta jumps after board OKs to raise NCDs worth Rs 1,000 cr
Vedanta rallied 6.20% to Rs 471.35 after the mining company’s board has considered and approved fund raising of Rs 1,000 crore by issuing non-convertible debentures (NCDs) on private placement basis.
The company will issue 1,00,000 secured, rated, listed, redeemable NCDs having face value of Rs 1 lakh each, aggregating to Rs 1,000 crore on private placement basis.

The said NCDs will be listed on BSE (Bombay Stock Exchange).

Vedanta, a subsidiary of Vedanta Resources, is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power & glass substrate and foraying into semiconductors and display glass.

On consolidated basis, the diversified metal company reported 27.22% decline in net profit to Rs 1,369 crore in Q4 FY24 as against Rs 1,881 crore in Q4 FY23. The miner reported revenue of Rs 34,937 crore in March 2024 quarter, registering a de-growth of 6.15% YoY.

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