Vedanta Directors to Meet on NCD Issuance
By Rediff Money Desk, NEWDELHI Dec 14, 2023 22:31
Vedanta Ltd. will hold a board meeting to discuss the issuance of Non-Convertible Debentures (NCDs) on a private placement basis as part of its refinancing strategy. The move follows a $1.25 billion loan secured by Vedanta Resources Ltd. to refinance maturing debt.
New Delhi, Dec 14 (PTI) Vedanta Ltd on Thursday said the meeting of committee of directors will be held next week to consider the proposal for issuance of Non-Convertible Debentures (NCDs) on a private placement basis.
The issuance of NCDs is part of its routine refinancing undertaken in the ordinary course of business.
The announcement comes with Vedanta Resources Ltd (VRL) -- the UK-headquartered parent company of Vedanta group -- stating that it has secured a $1.25 billion loan from private credit lenders to refinance/repay part of the $3.2 billion debt maturing in 2024 and 2025.
"The company proposes to hold a meeting of its duly constituted Committee of Directors on Tuesday, December 19, 2023 to consider the proposal for issuance of NCDs on a private placement basis," Vedanta said in a filing to BSE.
In a statement, Vedanta Resources said the fundraising will help "create a long-term sustainable capital structure" and demonstrate its continued ability to access global capital markets and investor confidence in the underlying business.
As part of the exercise, the company intends to address the three bond maturities using a mix of cash and new bonds.
Accordingly, it will exchange about half of the January 2024 bond with new bonds maturing in January 2027. Further, it will exchange most of the August 2024 and March 2025 bonds with new amortising bonds maturing in December 2028.
The issuance of NCDs is part of its routine refinancing undertaken in the ordinary course of business.
The announcement comes with Vedanta Resources Ltd (VRL) -- the UK-headquartered parent company of Vedanta group -- stating that it has secured a $1.25 billion loan from private credit lenders to refinance/repay part of the $3.2 billion debt maturing in 2024 and 2025.
"The company proposes to hold a meeting of its duly constituted Committee of Directors on Tuesday, December 19, 2023 to consider the proposal for issuance of NCDs on a private placement basis," Vedanta said in a filing to BSE.
In a statement, Vedanta Resources said the fundraising will help "create a long-term sustainable capital structure" and demonstrate its continued ability to access global capital markets and investor confidence in the underlying business.
As part of the exercise, the company intends to address the three bond maturities using a mix of cash and new bonds.
Accordingly, it will exchange about half of the January 2024 bond with new bonds maturing in January 2027. Further, it will exchange most of the August 2024 and March 2025 bonds with new amortising bonds maturing in December 2028.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.80 ( -0.71)
- 44492337
- G V Films
- 0.94 (+ 9.30)
- 37404318
- Jaiprakash Power Ven
- 19.44 ( -3.38)
- 30530141
- Spicejet Ltd.
- 62.79 ( -4.25)
- 22824171
- Srestha Finvest
- 0.89 (+ 4.71)
- 21696619
MORE NEWS
Truth Social Parent Company COO Resigns, Faces...
Truth Social's parent company, Trump Media & Technology Group, has seen its COO resign...
Spoofed Calls Blocked: DoT & Telcos Deploy System
India's DoT is implementing a phased system to block international spoofed calls,...
Swiggy Launches 10-Minute Delivery Service 'Bolt'
Swiggy announces the launch of 'Bolt', a 10-minute food delivery service, initially...