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Vedanta to raise Rs 5,000 crore via NCDs; offers up to 9.45% coupon

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The Mumbai-listed metals conglomerate, Vedanta Ltd, currently undergoing a revenue stream-wise demerger, is set to raise up to Rs 5,000 crore through a private placement of debt instruments with leading mutual funds, insurers, and alternative investment funds (AIFs), according to sources familiar with the development.The company will issue secured non-convertible debentures (NCDs) in two tenures, with a base issue size of Rs 4,100 crore and a green shoe option, confirmed a Vedanta spokesperson, according to an ET report. “The unsecured NCDs will have a base issue of Rs 4,100 crore along with a green shoe option that allows the company to raise up to a total of Rs 5,000 crore,” the spokesperson added.Vedanta is offering a coupon of around 9.35% for its 2.5-year NCDs and 9.45% for the 3-year tranche, significantly higher than India’s two-year and three-year sovereign bond yields, which are currently in the 5.7–5.7250% range.The issue is structured into three series:

Series I: Rs 2,250 crore with a green shoe option of Rs 750 crore
Series II: Rs 1,000 crore with a green shoe option of Rs 750 crore
Series III: Rs 850 crore with no green shoe option

The total amount across all three series will not exceed Rs 5,000 crore. The NCDs have staggered maturities ranging from 2.5 to 3 years. Series I will mature on December 3, 2027, Series II on June 5, 2028, and Series III on June 4, 2027.Proceeds from the issuance will be used for general corporate purposes, including repayment or prepayment of existing debt and capital expenditure requirements. The issue opens and closes on June 4.Anchor investors include ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, Kotak Mahindra Mutual Fund, Axis Mutual Fund, Reliance General Insurance Company, Aseem Infrastructure Finance, and Alpha Alternatives Financial Services, according to one of the sources cited.The NCDs also feature a coupon adjustment mechanism based on credit rating changes. A downgrade of the issuer or instrument rating from AA to A+ or below will trigger a Step-Up Event, resulting in a higher coupon. Conversely, an upgrade after such a downgrade will initiate a Step-Down Event, reducing the coupon. However, upgrades from A+ to AA- will not trigger a step-down.

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