VEDL

to raise Rs 2575 crore through NCDs after oversubscription; ICICI, Kotak among investors | DETAILS

Vedanta Ltd is set to raise Rs 2,575 crore through a non-convertible debenture (NCD) issue after strong demand from institutional investors, including ICICI Prudential Mutual Fund, Kotak Mutual Fund and Aditya Birla Sun Life Mutual Fund, PTI quoted sources familiar with the development. The mining major's base issue of Rs 2,000 crore was oversubscribed when it opened last week, prompting the company to exercise a Rs 575 crore greenshoe option, taking the total issue size to Rs 2,575 crore, sources said. The issue closes this week, according to PTI. The three-year unsecured, rated and listed debentures were priced at a coupon of 8.95 per cent, lower than the cost in the company's recent borrowings. The issue has been assigned an 'AA' rating by Icra Limited, as per PTI.