Vedanta to Raise Rs 10 billion through debt issue

21 Jun 2024 CW Team

Indian metals-to-oil conglomerate Vedanta announced on Thursday that it will raise up to Rs 10 billion by issuing non-convertible debentures through a private placement. Over the past two months, Vedanta's board has also approved raising up to $300 million through debentures and up to $1 billion, though the structure and mode of this fundraise have yet to be determined.

Led by billionaire Anil Agarwal, the company is undergoing a restructuring to split into six units, a move aimed at improving the group's financial performance. As of March 31, Vedanta's net debt increased by 25% to Rs 563.38 billion, while its full-year cash and cash equivalents dropped to Rs 28.12 billion from Rs 69.26 billion the previous year.

Vedanta plans to expand its steel and aluminium capacity, proposing a capital expenditure of $1.90 billion for fiscal 2025, up from $1.4 billion the previous year.

(Source: ET)

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