Vedanta Ltd. is planning to raise up to 45 billion Indian rupees by issuing secured, nonconvertible debentures in one or more tranches, it said March 20. A board meeting is scheduled for March 23.

The company said the issuance is in line with shareholder approval secured in July 2017 and a resolution passed at a board meeting in late January.

Vedanta said in February that it was evaluating the potential impacts of a ban on iron ore mining in Goa, India, which took effect earlier in March.

As of March 19, US$1 was equivalent to 65.30 Indian rupees.