Vedanta Ltd on Monday said its board will meet on September 21 to consider a proposal to issue non-convertible debentures on a private placement basis.

Vedanta said the latest exercise is a "routine refinancing that is undertaken in the ordinary course of business".

The Anil Agarwal-led company did not disclose the amount to be raised.

The announcement of the fundraising plan led to its shares ending with marginal gains at Rs 236.50 on the BSE.

Last week, Agarwal said the Konkola Copper Mines (KCM) in Zambia, which was returned to his London-based company Vedanta Resources, can be moved to Vedanta Ltd “at the right valuation”. Earlier, Zambia had agreed to return the control of KCM to Vedanta Resources, the parent of Vedanta Ltd.

The Zambian government, which owns a 20 per cent stake in KCM, will allow Vedanta to resume control and operate KCM’s mines and smelter after the company renewed a pledge to invest more than $1.2 billion to increase output and repay outstanding debts.

Agarwal had said in a post on X, “going forward, my thought is that we must maximise synergies between KCM and Vedanta Ltd’s refining/smelter businesses in UAE & India. KCM can be moved from Vedanta Resources to Vedanta Ltd at the right valuation’’.

Last month, a company official of parent Vedanta Resources had reportedly said that it is looking to refinance $3.8 billion worth of bonds maturing between 2024 and 2026 with loans of extended maturities and manageable size.

The conglomerate has about $1 billion bonds maturing in January, followed by a similar size coming up for payment in August 2024.