Latest News | Vedanta Directors to Meet Next Week to Discuss Issuance of NCDs
Get latest articles and stories on Latest News at LatestLY. 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.
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 above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)