Tuesday, June 18, 2024

Vedanta to consider issuance of NCDs on a private placement basis on April 13

Anil Agarwal-led Vedanta Ltd on Monday said that the company would hold a meeting on April 13, 2023 to consider issuance of non-convertible debentures (NCDs) on a private placement basis.

“The Company proposes to hold a meeting of its duly constituted Committee of Directors on Thursday, April 13, 2023 to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis,” said Vedanta in its regulatory filing.

Vedanta reported a subdued performance in aluminium production to 574,000 tonnes in the fourth quarter of FY23. The company garnered a production of 572,000 tonnes in Q4 of FY22. However, aluminium production rose marginally by 1% from 566,000 tonnes in Q3FY23.

In Q4, Vedanta revealed that alumina production at the Lanjigarh refinery was down 7%QoQ and 18%YoY to 411 kt due to planned calciner shutdown.

Overall, in FY23, the aluminium production came in highest ever at 2,291 kt, up by 1% YoY with Jharsuguda ramp up. Meanwhile, alumina production at the Lanjigarh refinery was down 9% YoY due to planned shutdown and maintenance activities at calciners.

During the fourth quarter, Vedanta’s zinc business in India, posted a record quarterly mined metal production at 301 kt since the UG transition, up 2% YoY and 19% QoQ driven by higher ore production and improved mined metal grades.

In recent months, Agarwal has faced one of his toughest acts yet. The tycoon’s Vedanta Resources Ltd. has close to $2 billion of bonds to settle in 2024 — half of which is due in January. Short of that, his London-headquartered company risks getting cut deeper into junk and losing crucial access to funding, reported Bloomberg.

The mining giant said it has pre-paid all of its debt that was due for repayment till March this year, deleveraging by $2 billion in the past 11 months. The company added that it was confident of meeting its liquidity requirements for the quarter ending June 2023.

Vedanta Ltd  reported 42 per cent decline in consolidated net profit to 3,092 crore for the December 2022 quarter. This is against a net profit of 5,354 crore in the year-ago period, Vedanta said in a regulatory filing.

On Monday, the company’s scrip ended 1.30 per cent down at 269.80 on BSE.

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