Vedanta gets nod to raise up to Rs 350 crore via NCDs

New Delhi: Vedanta Ltd on Wednesday said that a board-appointed panel has approved raising up to Rs 350 crore via issuance of non-convertible debentures.

"A meeting of duly authorised committee of directors was held today...For approving offering for subscription, on a private placement basis, up to 3500 secured, rated, listed, redeemable non-convertible debentures...Aggregating up to Rs 350 crore," Vedanta Ltd said in a BSE filing.

The NCDs are "to be redeemed after two years from date of allotment through cash flows of the company," the company said.

Shares of the company were trading down 2.29 percent at Rs 239.30 on BSE.

Vedanta Ltd is one of the world's leading diversified natural resources companies. It involves in production of zinc, lead, silver, aluminium, copper, iron ore, oil & gas and commercial power, while its operations span across India, South Africa, Namibia, Ireland and Australia.