Vedanta Group
Mining major Vedanta Ltd plans to raise up to Rs 1,000 crore by issuing debentures. Vedanta Ltd informed the stock exchanges that the directors of the company have approved the allotment of 1,00,000 non-convertible debentures (NCDs) worth Rs 1,000 crore on private placement basis.
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading natural resources companies. Vedanta had announced the separation of metals, power, aluminum and oil and gas businesses in September 2023.
Vedanta Group is splitting into six companies
Earlier, Vedanta Limited Chairman Anil Agarwal said that the company is moving forward with the plan to separate its various businesses, which will create six new companies and achieve wider value. Vedanta has received approval from most of the lenders for its plan to separate its business. This is an important step for the plan to split the company into six independent listed companies. He said that each unit to be separated will make its own plan.
These companies will be formed
Vedanta had announced the separation of metals, power, aluminum and oil and gas businesses in September 2023. In this way, six independent companies will be formed – Vedanta Aluminum, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited. Apart from this, shareholders will get one additional share of each of the five newly listed companies for every share of Vedanta Limited that they currently hold.