Vedanta Seeks Shareholder Nod For Rs 8,500-Crore Fundraise

Vedanta Ltd. has sought shareholders' approval to raise up to Rs 8,500 crore through the issuance of securities. It submitted a postal ballot notice seeking approval through the remote e-voting process, as per an exchange filing on Wednesday.

The e-voting for the postal ballot will start at 9 a.m. on Thursday and end at 5 p.m. on June 21, the filing said.

The board of directors has appointed Upendra C. Shukla, practicing company secretary, as scrutiniser for conducting the postal ballot.

The company's board had earlier approved raising funds via instruments like American depository receipts, global depository receipts and foreign currency convertible bonds.

In the fourth quarter of fiscal 2024, Vedanta's net profit declined but still surpassed analysts' estimates. The metal producer's net profit tumbled 27.4% to Rs 2,273 crore in the January–March period, according to an exchange filing on April 25.