Vedanta board sanctions Rs 2,100 Cr NCDs in latest move

Vedanta board sanctions Rs 2,100 Cr NCDs in latest move

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.

About Vedanta:

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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