Vedanta Plans to Use ₹5k-cr NCD Funds to Retire High-Cost Debt

Mining major Vedanta Ltd plans to utilize ₹5,000 crore raised through its unsecured non-convertible debenture (NCD) to retire high-cost debt, that will save an estimated ₹350 crore in interest outgo, sources said.

- Press Trust of India

NEW DELHI:

It will also use a part of the proceeds to fund its growth capex, sources added.

Mining conglomerate Vedanta had last week said the committee of directors has approved raising up to ₹5,000 crore via issuance of debentures.

The mining major plans to deploy funds from the ₹5,000 crore raised through its unsecured NCD issue to pay down a high-cost private credit facility of ₹3,400 crore, potentially reducing its annual interest burden by at least ₹350 crore, sources said.