Vedanta to Raise Rs 2,500 Cr via Bonds with JPMorgan Assistance
Apr 15, 2024 21:32
Vedanta seeks JPMorgan's help to raise up to Rs 2,500 crore through bonds, aiming to improve its debt and cash profile. The move follows an earlier approval to raise funds via debentures.
Photograph: Danish Siddiqui/Reuters
New Delhi, Apr 15 (PTI) Anil Agarwal-led Vedanta has asked JPMorgan Chase & Co to assist it in raising up to Rs 2,500 crore via bonds.
According to a source, the mining conglomerate has requested the financial institution to help it raise between Rs 2,000 crore and Rs 2,500 crore through bonds.
When contacted, a Vedanta spokesperson said that as part of routine capital management, Vedanta continues to exercise refinancing and capital raising activities from diverse sources to improve the debt and cash profile, both in terms of counterparties as well as lowering interest costs.
Earlier this month, Vedanta said that its Committee of Directors has approved raising up to Rs 2,500 crore via debentures.
Vedanta Ltd, a subsidiary of Vedanta Resources Limited, is one of the world's leading natural resources companies with operations spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan.
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