Anil Agarwal-led Vedanta Ltd. shares hit a 52-week low of Rs 227.55 on 21 September after the company announced that it would hold a meeting of its committee of directors to consider raising funds.

The company plans to consider the proposal for raising funds by issuing Non-Convertible Debentures on a private placement basis.

The company’s shares hit 14 months low, a level last seen on 15 July 2022.

The fundraising proposal is a part of its routine refinancing that happens in the ordinary course of business.

The company’s parent company, Vedanta Resources, faces a significant bond repayment worth $2 billion and a debt repayment worth $3.6 billion in the next financial year.

Vedanta Resources has majorly relied on dividends from its Indian unit and Hindustan Zinc.

The company has paid a dividend of Rs 101.5 for the financial year 2023, which is higher than the proposed delisting price.

At 11:47 am, the shares of Vedanta were trading at Rs 228.65 or 1.36% below its previous close on NSE.