Vedanta board to meet on April 4 to consider raising funds via NCD issue
Upstox
2 min read • Updated: April 2, 2024, 3:49 PM
Summary
The planned fund raise is part of the “routine financing and refinancing that is undertaken in the ordinary course of business”, Vedanta said in an exchange filing. The company’s shares rallied by 4.64% in the day’s trading session, valuing at ₹300.85 apiece on the NSE at closing bell.
Mining major Vedanta informed the bourses that its board of directors will be meeting on Thursday, April 4 to consider raising funds via the issuance of non-convertible debentures (NCDs).
The NCDs, as per the proposal that will be brought under consideration, are to be issued on a “private placement basis”, Vedanta said in a regulatory filing.
The planned fundraise is part of the “routine financing and refinancing that is undertaken in the ordinary course of business”, stated the exchange filing, which was issued following the conclusion of market hours on Monday, April 1.
In the trading session on Tuesday, April 2, the shares of Vedanta edged higher at the stock markets. At the closing bell, the scrip was valued at ₹300.85 apiece on the National Stock Exchange (NSE), up 4.64% as against the previous day’s close. This marked the fourth consecutive session when Vedanta’s stock was in the green.
Earlier, in January this year, Vedanta had raised ₹3,400 crore via the issuance of NCDs. The company also raised ₹2,500 crore through unlisted NCDs in September 2023.
In the quarter ended December 2023, Vedanta had reported a net profit of ₹2,013 crore, down 18% as compared to ₹2,464 crore clocked in the year-ago period. The decline was on account of higher finance and raw materials costs.
The company’s revenue from operations in the October-December period came in at ₹34,968 crore, lower by 3.8% as compared to ₹33,691 crore clocked in the same quarter a year ago.
Over the past one year, Vedanta’s stock has gained by 6.53%. The growth has been sharper year-to-date, with the shares valuing higher by 16.99%.