The board of directors of Vedanta Ltd. will meet on September 21 to discuss the issuance of non-convertible debentures, the firm informed the stock exchange without providing any further information.
Two separate term loans for the company, each for Rs 300 crore and Rs 1000 crore, are due on respective dates of November 14, 2023, and March 31, 2024. The new bond offerings would be used to finance capital expenditures or pay back these term loans.
Crisil Ratings has assigned Vedanta Ltd. an AA- rating for a planned Rs 1555 crore NCD.
According to a rating report by Crisil dated April 26, 2023, the metal-to-mining conglomerate, which is listed in India, has rated terms loans totalling Rs 26,186 crore, non-fund-based facilities totalling Rs 24,155 crore, and fund-based facilities totalling Rs 5940 crore. Ratings for term loans and fund-based facilities are AA-, whereas ratings for non-fund-based facilities are A1+.
Anil Agarwal’s Vedanta Resources, the holding company of Vedanta Ltd., is currently working round-the-clock to redeem the forthcoming USD 3.2 billion offshore notes at the time the planned fundraise is being considered.
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