 "Vedanta gains on raising funds via NCDs")
Shares of mining baron Anil Agarwal-led Vedanta are trading higher by 2.6% at Rs 82.36 on the Bombay Stock Exchange (BSE) after it raised Rs 2,000 crore from State Bank of India, the country's largest lender, via non-convertible debentures (NCDs).
According to the BSE filing, the Company has allotted 20,000, 9.45% secured, rated, non-cumulative, redeemable, NCDs of Rs 10 lakh each aggregating to Rs.2,000 crore to SBI on 17 August 2015.
The NCDs are long term funds and this issuance will reduce our cost of funds.
Yesterday, the stock crashed 15% amid a sell-off in global commodities on worries that the sluggish economic growth in China, the world's largest consumer of metals, would lead to lower export demand going forward.
The stock opened at Rs 83 and touched a high of Rs 83.75 on the BSE. A total of 454,184 shares changed hands on the BSE so far.