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Anil Agarwal-led Vedanta Group to raise $300 mn through debt securities

Indian metals-to-oil conglomerate Vedanta will raise up to 2,500 crore rupees ($299.6 million) through debt securities, the company said on Thursday. The fundraise will take place through the issue of non-convertible debentures on a private placement basis. The billionaire Anil Agarwal-led company did not mention what the proceeds will be used for. The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 34 billion rupees. Vedanta's net debt increased to 62,493 crore rupees as on Dec. 31, 2023 from 57,771 crore rupees, it said in its third-quarter update. Its cash and cash equivalents fell to 12,734 crore rupees at the end of December from 16,702 crore rupees.