Team Blitz India
NEW DELHI: Metals-to-oil conglomerate Vedanta will raise up to Rs 2,500 crore ($299.6 million) through debt securities, the company said on April 4. The fundraise will take place through the issue of non-convertible debentures on a private placement basis. The billionaire Anil Agarwal-led company did not mention what the proceeds will be used for.
The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 34 billion rupees.
Vedanta’s net debt increased to 624.93 billion rupees as on Dec. 31, 2023 from 577.71 billion rupees, it said in its third-quarter update. Its cash and cash equivalents fell to Rs 127.34 billion at the end of December from Rs 167.02 billion.
