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Vedanta to raise up to 3.5B rupees via notes issue

Vedanta Ltd. said May 31 that its board approved a plan to raise up to 3.5 billion Indian rupees via the issuance of nonconvertible debentures with a face value of 1 million rupees each.

The notes will be redeemable after two years following allotment.

The Vedanta Resources Plc unit received final approval in mid-May to double the capacity at its copper plant in southern India, after years of delays over environmental concerns.

As of May 30, US$1 was equivalent to 64.57 Indian rupees.