Vedanta Ltd said its board has approved the company's plans to raise up to Rs 1,500 crore in one or more tranches through issuance of non-convertible debentures (NCDs), reported PTI.
"A meeting of the duly authorized Committee of Directors was held today i.E. July 3, 2018 ... For approving offering for subscription, on a private placement basis, up to 15,000 Secured, Rated, Non-Cumulative, Redeemable, Non-Convertible Debentures (NCDs) of face value Rs 10,00,000 each aggregating up to Rs 1500 Crores in one or more tranches," Vedanta Ltd said in a BSE filing.
About the tenure of the instrument, the company said it will be of "two years 2 years and 363 days from Not exceeding 3 years allotment and date of maturity; the deemed date of allotment for upto Rs 1000 crore."
Vedanta Ltd, a Vedanta Group company, is a global diversified natural resources firm, with operations across zinc-lead-silver, oil and gas, iron ore, copper, aluminium and commercial power sectors.