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Vedanta to raise up to `300 cr via debentures

 PTI |  2016-11-23 22:32:19.0  |  New Delhi

Mining conglomerate Vedanta Ltd on Tuesday said it will raise up to Rs 300 crore through private placement of non-convertible debentures (NCDs).

A committee constituted by Vedanta’s Board today approved offering for subscription, on a private placement basis, up to 3,000 secured, rated, listed, redeemable, NCDs of face value Rs 10 lakh each aggregating up to Rs 300 crore, it said in a regulatory filing.

The NCDs will be listed on the BSE and will mature on April 22, 2020, it added.

In a separate filing, the company said its CFO GR Arun Kumar has been appointed whole-time director (Additional Director) on the Board for a period of three years with effect from November 22, 2016, subject to approval of the members at the next general meeting.

Kumar was elevated as the Chief Financial Officer on September 30, 2016 from his role of Executive Vice President Finance and Deputy CFO.

He joined Vedanta in 2013 as CFO for the company’s aluminium and power business.

It also announced the appointment of Bhumika Sood, Compliance Officer, as the Company Secretary and Key Management Personnel (KMP) of the firm with effect from November 22, 2016.

Shares of Vedanta Ltd today ended with gains of nearly 6 per cent after the mining conglomerate said it will raise up to Rs 300 crore through private placement of non-convertible debentures (NCDs). A committee constituted by Vedanta’s Board today approved offering for subscription, on a private placement basis, up to 3,000 secured, rated, listed, redeemable, NCDs of face value Rs 10 lakh each aggregating up to Rs 300 crore. 

The NCDs will be listed on the BSE and will mature on April 22, 2020.

Reacting to the development, shares of the company surged 5.30 per cent to touch an intra-day high of Rs 207.50. At the end of today’s trading session, the shares lost some ground and was trading at Rs 206.70, up 4.90 per cent on BSE. Following the uptick in the counter, the market capitalisation of the company improved by Rs 2,860 crore to Rs 61,280.23 crore.

Similar movement was seen on NSE as well, where the stock touched an intra-day high of Rs 208.15 and finally settled for the day at Rs 207.95, up 5.69 per cent. 

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