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On Monday, Vedanta said that it would issue non-convertible debentures (NCDs) worth Rs 2,000 crore for refinancing debt.
The company said in a BSE filing, “Vedanta Ltd. is, subject to favourable market conditions, in the process of issuing secured, rated, non-cumulative, redeemable NCDs of Rs 10 lakh each up to Rs 2,000 crore on a private placement basis.”
“The issuance of NCDs is part of the overall ‘debt refinancing’ of the company to substitute the short term liabilities/borrowings/debt and/or to retire higher cost debt’,” it added.
Further the company said that “This issue is part of the overall approval of Rs 8,000 crore by the board of directors and by the shareholders in the 50th AGM of the company held on July 11, 2015, permitting issuances in one or more series/tranches on private placement basis during a period of 12 months.”
