Mining conglomerate Vedanta Ltd said on December 19 that its Committee of Directors has approved raising Rs 3,400 crore via private placement basis, ahead of its bond repayment due in January.

The company will issue up to 3,40,000 Non-Convertible Debentures (NCDs) of face value of Rs 1,00,000 each, the company said in an exchange filing. The NCDs will be unrated, unlisted, redeemable and can be issued in one or more tranches, Vedanta said.

The conglomerate has bond repayments of $3.2 billion coming up over the next two years. About $2 billion worth of bonds are slated for redemption in 2024 — half of which are due as early as January — and another $1.2 bn in 2025, according to Bloomberg data.

Its Chief Financial Officer (CFO) Ajay Goel said on November 4 that the company hopes to raise $1 billion by the end of December to honour a bond repayment that’s due in January.

The Anil Agarwal-owned company which is reeling under a debt mountain, managed to reduce its net debt by Rs 1,420 crore sequentially to Rs 57,771 crore as of the end of the September quarter.