STOCK MARKET

Vedanta to Raise Upto Rs 500 Crore via NCDs

Vedanta's net profit slipped to Rs 2,690 crore.

On December 6, 2022, the mining company announced the approval of the board of directors that a meeting will be held on December 9, 2022, to consider and approve the issuance of non-convertible bonds (NCD) in instalments with a total amount of not more than Rs 500 crore for financing. The company has to offer rated, redeemable, unsecured, non‐convertible, and non‐cumulative debentures aggregating up to Rs 500 crore.

It is one of the leading oil and gas and metals companies with significant operations in zinc, oil and gas, lead, copper, silver, iron ore, steel, aluminium and power in India, Namibia and South Africa.

Vedanta’s net profit fell 53.71% to Rs 2,690 crore, even though operating income rose 20.6% to Rs 36,237 crore in Q2FY23 compared to Q2FY22. Shares of Vedanta Ltd rose 0.19% to 314.90 rupees on the BSE.

Get Daily Prediction & Stocks Tips On Your Mobile