Vedanta shares hit 52-week low despite ₹2500 crore fund raise move
Stock market today: Downtrend in Vedanta shares continued for third straght session during Friday morning deals. Vedanta share price today opened higher at ₹228.50 per share levels but profit booking triggerd within few minutes of stock market's opening bell and the stock hit new 52-week low of ₹222.55 apiece on NSE.
While hitting new 52-week low, Vedanta shares hit 14-month low as well. On Thursday, Vedanta Limited had informed Indian stock market bourses that its borad of directors has approved fund raise to the tune of ₹2,500 crore.
The metal company informed that the fund raise would be done through issuance of fresh shares. Vedanta Limited declared fund raise on Thursday citing, "In continuation to our letter No.
VEDL/Sec./SE/23-24/105 dated September 16, 2023 and pursuant to the provisions of Regulations 30 and 51 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations") read with Para A of Part A of Schedule III of the Listing Regulations, we hereby inform that the duly authorized Committee of Directors at its meeting held today i.e., Thursday, September 21, 2023, considered and approved for raising, on a private placement basis, upto 2,50,000 nos. Secured, Unrated, Unlisted, Redeemable, NonConvertible Debentures(“NCDs") of face value ₹1,00,000/- each aggregating upto ₹2,500 Crores in one or more tranche(s)." Vedanta share price has been correcting since April 2022.
After topping out at around ₹430 apiece levels, Vedanta shares have hit 14-month low of ₹222.55 apiece, logging near 50 per cent in this time of near 18 months. In last one year, Vedanta share price has corrected from near ₹280 to ₹222 per share levels, logging around 20 per
. Read more on livemint.com
