Vedanta Ltd. has announced the approval of the issuance of non-convertible debentures (NCDs) on a private placement basis, with a total value of up to Rs. 2,100 crore. The decision was made by the duly authorized Committee of Directors during a meeting held on Thursday, April 13, 2023, and is in compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
According to a stock exchange filing made by Vedanta, the company will be raising up to 21,000 nos. Secured, Unrated, Unlisted, Redeemable, Non‐Convertible Debentures (“NCDs”) with a face value of ₹10,00,000/- each, in one or more tranches.
As of Thursday, Vedanta’s shares closed at ₹276 apiece level on the NSE, reflecting a slight increase of 0.15% from the previous close of ₹275.60. The stock reached its 52-week-high of ₹437.50 on April 19, 2022, and its 52-week-low of ₹206.00 on July 1, 2022.
Regarding the technical outlook of the stock, A R Ramachandran, Co-founder & Trainer-Tips2trades, stated that while Vedanta has been a fundamentally good stock, its profits in the past two quarters have been below average, leading to poor stock price returns this year.
Technically, 286 is a strong resistance on the Daily charts, and investors should only consider buying if the Daily close is above 286 for targets of 317-335 in the near term. Support for the stock will be at 266.
Headquartered in Mumbai, India, Vedanta Limited is a multinational mining company that primarily operates in iron ore, gold, and aluminum mines located in Goa, Karnataka, Rajasthan, and Odisha.
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