Vedanta, a conglomerate dealing in metals and oil, announced on Thursday its plan to raise Rs 2,500 crore ($299.6 million) via way of debt instruments. The funds will be raised via the issuance of non-convertible debentures through private placement. The purpose for which the funds will be utilized was not specified by the company led by Anil Agarwal.
“We wish to inform you that the Committee of Directors, duly authorized, convened a meeting on Thursday, April 04, 2024. During the meeting, it was decided and approved to raise to 250,000 Senior, Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (“NCDs”) with a face value of Rs 100,000 each, totaling up to Rs 2,500 crore, through private placement. This communication was provided by Vedanta to the stock exchanges.”
At 2:47 pm today, Vedanta shares were trading 3.38% higher at Rs 308.65. Previously, the shares of the Anil Agarwal-led firm surged 4.67% to reach a 52-week high of Rs 312.50 on the BSE. The market capitalization of the company increased to Rs 1.15 lakh crore.
In terms of performance, the stock experienced a 26% decline over the past two years and a 9.60% increase over the last year. Additionally, the stock reached its 52-week high for the third consecutive session today.
The stock reached a 52-week high of Rs 308 on April 3, 2024, and Rs 301.90 on April 2, 2024.
Earlier today, the company announced that it achieved its highest-ever annual volume across key businesses.
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Vedanta reported that alumina production at Lanjigarh Refinery increased by 18% year-on-year to 484 kt in Q4, and by 3% quarter-on-quarter due to improved operational efficiency. Cast metal aluminum production at the company’s smelters rose by 4% year-on-year to 598 kt. In the Zinc India business, mined metal production reached 299 kt in Q4, marking an 11% increase quarter-on-quarter, attributed to a combination of enhanced mined metal grades and increased ore production across mines.
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