Mining major Vedanta (VEDL), a subsidiary of London-headquartered Vedanta Resources (VRL), has made “timely” interest payment for non-convertible debentures (NCDs) totalling ₹2,500 crore.
The due date for interest payment of NCDs, with face value of ₹100,000, was on Wednesday, VEDL said in a regulatory update. The firm controlled by Anil Agarwal had reduced its net debt by ₹1,420 crore sequentially to ₹57,771 crore as of September-end.
Earlier in December, VEDL approved raising of up to ₹3,400 crore through issuances of NCDs. The firm intends to issue 340,000 NCDs in one or more tranches. VEDL had earlier said that the fundraising was part of “routine” refinancing in the course of business.
VEDL had committed to invest $1.7 billion as capex in FY24 to augment its assets and production as it was optimistic of an “exciting journey” ahead, an increase from $1.2 billion in FY23. Vedanta was looking to expand its aluminium and zinc capacities, and its oil & gas operations.
Shares of VEDL ended up 0.64% at ₹252.30 on the BSE on Wednesday.