India`s Vedanta to raise $300 million through debt securities
Indian metals-to-oil conglomerate Vedanta will raise up to 25 billion rupees ($299.6 million) through debt securities, the company said on Thursday.
The fundraise will take place through the issue of non-convertible debentures on a private placement basis. The billionaire Anil Agarwal-led company did not mention what the proceeds will be used for.
The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 34 billion rupees.
Vedanta's net debt increased to 624.93 billion rupees as on Dec. 31, 2023 from 577.71 billion rupees, it said in its third-quarter update. Its cash and cash equivalents fell to 127.34 billion rupees at the end of December from 167.02 billion rupees.
Earlier in the day, the miner reported higher aluminium and refined zinc production for the fourth quarter, while refined lead production fell.
Vedanta last year said it planned to restructure by splitting into six separate units, in a move that analysts said would unlikely alleviate the cash-strapped group's debt concerns.
($1 = 83.4450 Indian rupees)
