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Vedanta to raise 45B rupees via debt issue

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.