Vedanta To Raise Rs 1,000 Crore Via NCDs
The stock rose as much as 6.59% during the day to Rs 478 apiece on the NSE.
Vedanta Ltd. approved on Thursday raising of Rs 1,000 crore via bonds on a private-placement basis.
In a meeting, the board-constituted committee of directors considered and approved the raising of secured, rated, listed and redeemable non-convertible debentures of the face value of Rs 1 lakh each, according to an exchange filing.
The Anil Agarwal-owned company's fundraising is part of its routine financing or refinancing activity that is undertaken in the ordinary course of business, it had said earlier.
The mining conglomerate had raised Rs 3,400 crore on Jan. 3, via the same instruments. Vedanta, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across countries like India, South Africa, Namibia, Liberia and the UAE.
Vedanta's stock rose as much as 6.59% during the day to Rs 478 apiece on the NSE. It was trading 6.14% higher at Rs 476 per share, compared to a 0.12% advance in the benchmark Nifty at 11:36 a.m.
The share price has risen 68% in the last 12 months and 84% on a year-to-date basis. The total traded volume so far in the day stood at two times its 30-day average. The relative strength index was at 63.
Eight out of the 13 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 0.8%.
