Vedanta shares rise higher after bond restructuring plan approval and increased aluminium production in Q3
In an important update on Wednesday, the company said that more than 95 per cent bondholders of Vedanta Resources, the parent company of Vedanta Ltd, had approved the plan of bond restructuring.
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Vedanta Share Price: Vedanta Ltd shares got morning boost on BSE on Thursday (January 4, 2024) after its parent company bondholders approved the bond restructuring plan and the Indian subsidiary achieved increased aluminium production and iron ore sales in the third quarter.
The stock of the mining giant was trading higher by 1.50 per cent, or Rs 3.95, at Rs 267.60 a 9:35 am on Thursday.
The stock has been performing well for over a month as it risen by 4.98 per cent in the last five trading sessions and 10.75 per cent in the last one month.
Vedanta Q3 Update
In an important update on Wednesday, the company said that more than 95 per cent bondholders of Vedanta Resources, the UK-based parent company of Vedanta Ltd, had approved the plan of bond restructuring.
In a third-quarter update on Wednesday, Vedanta Ltd said that its aluminum production had increased by 6 per cent to 5.99 lakh tonnes.
Iron ore sales also saw an impressive jump of 35 per cent to 1.8 million tonnes in the third quarter.
However, there was a dip in the production of refined zinc production as it decreased by 4 per cent to 2.03 lakh tonnes in the third quarter.
Total oil and gas production for the company also saw a decline of 14 per cent in the same quarter.
NCDs worth Rs 3400 crore alloted
In an another update to stock exchanges, the company said it was allotting on a private placement basis, "3,40,000 nos. Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (“NCDs”) of face value ₹ 1,00,000/- each aggregating to ₹ 3,400 Crores with the depository confirmation for credit of NCDs being received on January 03, 2024."
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