Vedanta Ltd said its committee of directors has approved raising up to Rs 2,575 crore through the issuance of non-convertible debentures (NCDs).
The company will allot 2,57,500 unsecured, redeemable, rated and listed NCDs, each with a face value of Rs 1,00,000, aggregating to Rs 2,575 crore, on a private placement basis, according to a regulatory filing.
The fundraising is part of Vedanta’s strategy to diversify funding sources, refinance existing debt and reduce borrowing costs while strengthening its balance sheet.