Vedanta Shares Hit New 52-Week Low Ahead Of Board Meeting To Consider Debt Issuance

The shares of Vedanta Limited hit a 52-week low of Rs 227.60 apiece on the BSE on 21 September ahead of the Board Meeting to Consider Debt Issuance. The company on 16th September announced that it would hold a meeting of its committee of directors to consider raising funds.

The proposal for a private placement of non-convertible debt encumbrances to raise capital will be taken into consideration by the company. Its usual refinancing, which happens as part of normal corporate operations, includes the proposed fundraising.

The company in an exchange filing dated September 16, said, "we would like to inform you that the Company proposes to hold a meeting of its duly constituted Committee of Directors on Thursday, September 21, 2023 to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis as part of its routine refinancing that is undertaken in ordinary course of business."

Vedanta shares currently trading at Rs 228.30 apiece, down 1.51% from the previous close of Rs 231.80 apiece on the BSE. Its 52-week high is Rs 340.75 apiece and 52-week low is Rs 227.60 apiece, respectively. Stock declined 3.34% in 1 week, and 2.56% in 1 month. The stock declined 17.83% in 1 year, and 22.05% in 2 years, respectively. It gained 76.88% in 3 years. Its market cap is Rs 84,882.19 Crore.

Vedanta Limited is a large-cap diversified natural resource group. The company is engaged in exploring, extracting, and processing minerals and oil & gas. The group engages in the exploration, production, and sale of zinc, silver, aluminum, lead, copper, iron ore, and oil & gas.