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News Details

Vedanta - Intimation Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requir

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21/09/2020 22:40
In continuation to our letter VEDL/Sec/SE/19-20/132 dated January 31, 2020, we would like to inform you that investment in Ferro Alloys Corporation Limited (FACOR) has been done through a combination of equity of ? 34 crores and inter-corporate loan of ? 22.03 crores. Further, Non-Convertible Debentures of aggregate face value of ? 286.5 crores have been allotted by FACOR to its Financial Creditors.

Accordingly, today the Company has been allotted with 34,00,00,000 (Thirty-Four Crores) fully paid up equity shares of INR 1 each of FACOR as per the approved Resolution Plan. Pursuant to the aforementioned allotment, FACOR will be wholly owned subsidiary of the Company.

The Company has acquired control over FACOR and a new board of directors has been put in place.

We request you to kindly take the above information on record.