Vedanta Ltd on Monday said a committee of directors has approved raising up to Rs 1,000 crore through non-convertible debentures on private placement basis.

The meeting was held on Monday, Vedanta said in a filing to BSE.

“The duly authorised committee of directors at its meeting ...considered and approved offering for subscription, on a private placement basis, up to 10,000 nos secured, rated, listed, redeemable, NCDs....aggregating up to Rs 1,000 crore,” the filing said.

Vedanta, a subsidiary of Vedanta Resources Ltd, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

Ratings

India Ratings and Research (Ind-Ra) has revised the company’s outlook to positive from stable. Besides, the long-term issuer rating has been affirmed at “IND AA-“.

The outlook revision reflects a likely improvement in the operational cash flow for 2021-22 and 2022-23 because of a significant increase in the operating profitability, led by enhanced volume performance, cost improvements across segments and a sharp recovery in metal prices, according to Ind-Ra.

Cairn COO

Vedanta group firm Cairn Oil & Gas has appointed Martyn Smith, a seasoned oil and gas global leader, as chief operating Officer.

“Smith is joining Cairn with an extensive experience of 35 years in reservoir & petroleum engineering and subsurface geoscience disciplines,” the company said in a statement.

Smith has been part of the leadership in global companies, including British Petroleum where he led as the Global Head of Reservoir Development.