Vedanta to Raise Rs 8,500 Cr via Securities Issuance
May 16, 2024 18:13
Vedanta Ltd. plans to raise up to Rs 8,500 crore through issuance of securities, including ADRs, GDRs, and FCCBs, subject to regulatory approvals.
Photograph: Rediff Archives
New Delhi, May 16 (PTI) Mining billionaire Anil Agarwal-led Vedanta Ltd on Thursday said its board has approved raising up to Rs 8,500 crore through issuance of securities.
The company will look at raising funds via instruments like American depository receipts, global depository receipts and foreign currency convertible bonds.
However, this is subject to regulatory approvals.
The board also gave its go-ahead for investment in Vedanta Copper International VCI Company Ltd (VCI) to set up a continuous cast copper rod plant in Saudi Arabia with a capacity of 125 kilo tonnes per annum.
Vedanta Copper International VCI Company Ltd was incorporated last year to explore growth opportunities in new geographies.
"...VCI is in the process of establishing a state-of-the-art copper rod manufacturing facility... which will enable the company to explore more growth opportunities in new geographies. Post the investment, VCI shall become a direct wholly owned subsidiary of the company," Vedanta said.
The board has also given its go-ahead to the first interim dividend of Rs 11 per share for 2024-25, amounting to Rs 4,089 crore.
Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan, and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and nickel, among others.
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