Vedanta will hold a meeting of the committee of directors on 21 September (Thursday) to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis as part of its routine refinancing that is undertaken in the ordinary course of business, the company informed the market regulator on Sunday.
Non-Convertible Debentures are fixed-income instruments for specific terms and interest rates. The company mentioned that the move is part of regular refinancing which is part of the ordinary course of business.
“Pursuant to Regulation 29(1) and (2) along with Regulation 50(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, we would like to inform you that the Company proposes to hold a meeting of its duly constituted Committee of Directors on Thursday, September 21, 2023, to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis as part of its routine refinancing that is undertaken in the ordinary course of business,” the said in a filing with stock exchange.
The move comes as Vedanta’s parent company Vedanta Resources has an obligation to pay $2 billion worth of bonds by 2025, as per news platform CNBC TV18. The company has an even bigger debt repayment as they have to pay a total of $3.6 billion by the next fiscal year.
To acquire African copper biz
Recently, Vendata Chairman Anil Agarwal proposed that the company should consider acquiring Konkola Copper Mines from Vedanta Resources. This comes after Konkola Copper Mines regained ownership of one of the world’s largest copper mines after a dispute with the Zambian government.
“The return of Konkola Copper Mines (KCM) to Vedanta Resources comes at a perfect time! It has one of the largest reserves of copper and cobalt in the world, important in energy transition…Going forward, my thought is that we must maximize the synergies between KCM and Vedanta Ltd’s refining/smelter businesses in the UAE and India. KCM can be moved from Vedanta Resources to Vedanta Ltd at the right valuation,” Vedanta Chairman Anil Agarwal said on X (formerly Twitter).
The share of Vedanta Ltd ended 0.3% up on Friday at ₹237 apiece.
Download The Mint News App to get Daily Market Updates & Live Business News.
Updated: 17 Sep 2023, 02:39 PM IST