Vedanta, an Indian conglomerate, plans to raise up to ₹1,000 Crore (almost $120 million) through a private issue of non-convertible debentures, the company announced on Thursday.
In the last two months, Vedanta’s board has already approved financing up to $300 million through debentures and a further up to $1 billion, albeit the structure and mechanism of that fundraise have still to be decided.
The Anil Agarwal-led company is in the throes of breaking into six independent companies in an effort to strengthen the group’s financial performance.
As of March 31, its net debt had increased by 25% to ₹56,338 Crore, while full-year cash and cash equivalents had decreased to ₹2,812 Crore from ₹6,926 Crore the previous year.
The company intends to enhance capacity for its steel and aluminium businesses, proposing $1.90 billion in capital expenditures for fiscal 2025, up from $1.4 billion the previous year.
Vedanta’s shares rose 6.56% in late morning trading.
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