Team Blitz India
NEW DELHI: Vedanta Ltd. has mandated JPMorgan Chase & Co. to help it raise Rs 2,500 crore ($300 million) via rupee-denominated bonds, according to people familiar with the matter.
JPMorgan’s financing-solutions department in India, headed by Nitin Rungta, is reaching out to potential investors on behalf of the metals and mining company, according to people who asked not to be identified as the information is private. Those investors include global private credit funds, they said.
The tenor of the proposed bonds is expected to be in the range of three to five years, the people said. Proceeds would be used to support the company’s business activities, they said.
A Vedanta spokesperson said the group continues to exercise refinancing and capital-raising activities from diverse sources as it seeks to improve its debt and cash profile.
