Shares of Vedanta Ltd were trading 2% higher on 17 May after the company received approval from the Board of Directors to raise funds not exceeding Rs 8,500 crore. The type of the issuance has not yet been determined, according to a regulatory filing.

For the second time, the company is looking for funding in the current fiscal year. Earlier last month, it made the announcement that it will raise up to Rs 2,500 crore through debt instruments.

In addition, Vedanta’s board has also approved an interim dividend of Rs 11 per share for the fiscal year 2025 for a total dividend payout of around Rs 4,089 crore. The record date for the dividend payment has been set at 25 May. 

Furthermore, the board has also approved investment in Vedanta Copper International (VCI) for setting up a copper rod plant in Saudi Arabia. After the investment, VCI will become a wholly-owned subsidiary of the company. 

In 2023, Malco Energy, a subsidiary of the corporation, launched a new copper business unit in Saudi Arabia. The company that was incorporated was called “Vedanta Copper International VCI Company Limited.”

The conglomerate is currently attempting to raise capital by issuing equity shares, rights issues, additional public offerings, and other methods. The company took this action in an attempt to reduce its standalone debt by $3 billion during the ensuing three years.

As of 31 March, Vedanta’s net debt grew by 25% year-on-year to Rs 56,338 crore, whereas its full-year cash and cash equivalent fell to Rs 2,812 crore from Rs 6,926 crore a year earlier.

At 2:15 pm, the shares of Vedanta were trading 2.47% higher at Rs 443.75 on NSE.