15 Apr , 2024 By : Debdeep Gupta
Vedanta Ltd. has mandated JPMorgan Chase & Co. to help it raise 25 billion rupees ($300 million) via rupee-denominated bonds, according to people familiar with the matter.
JPMorgan’s financing solutions department in India, headed by Nitin Rungta, is reaching out to potential investors on behalf of the metals and mining company, according to people who asked not to be identified as the information is private. Those investors include global private credit funds, they said.
The tenor of the proposed bonds is expected to be in the range of three to five years, the people said. Proceeds would be used to support the company’s business activities, they said.
A Vedanta spokesperson said the group continues to exercise refinancing and capital-raising activities from diverse sources as it seeks to improve its debt and cash profile.
A JPMorgan spokesperson declined to comment.
Earlier this month, a committee of Vedanta’s directors approved the plan to raise as much as 25 billion rupees through a private placement of non-convertible bonds.
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