Anil Agarwal-led Vedanta's board approves fundraise of up to Rs 8,500 cr

Indian metals-to-oil conglomerate Vedanta on Thursday said its board approved a fundraise of up to Rs 8,500 cr ($1.02 billion).
 

The company also declared its first interim dividend amounting to Rs 4,089 crore rupees.
 

The billionaire Anil Agarwal-led company said that its committee of directors will decide on the structure of the fundraise, where the proposal includes the issue of equities and other financial instruments.
 

The company did not mention what the proceeds will be used for.

 

This is the second time that the company is raising funds in the current fiscal year. Last month, it said it would raise up to $300 million through debt securities.
 

 

Vedanta is the midst of splitting into six different units, a move that analysts have said would unlikely alleviate the cash-strapped group's debt concerns.
 

The company's net debt rose about 25 per cent from a year ago to Rs 56,338 crore as of March 31, while its full-year cash and cash equivalents fell to Rs 2,812 crore from Rs 6,926 crore a year earlier.