Vedanta eyes Rs 3,400 crore via NCD route as bond repayment date nears

Mumbai, Dec 19 : The Anil Agarwal-led mining conglomerate Vedanta Ltd announced plans on Tuesday to raise Rs 3,400 crore through the issue of Non-Convertible Debentures (NCDs) ahead of its bond repayment that falls due in January 2024.

"The duly authorised Committee of Directors at its meeting held today.

Considered and approved for raising, on a private placement basis, up to 3,40,000 nos secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of face value Rs 1,00,000 each aggregating up to Rs 3,400 crore in one or more tranche(s)," the company said in a stock exchange filing.

The debt-ridden company has to make bond repayments to the tune of $3.2 billion over the next two years.

As much as $2 billion worth of bonds are scheduled for repayment in 2024.

pannu/ksk