Vedanta Limited — Capital/Financing Update 2024

Nov 8, 2024

VEDL/Sec./SE/24-25/200

November 08, 2024

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza” Dalal Street, Fort Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051

Scrip Code: 500295 Scrip Code: VEDL

Sub: Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

Dear Sir/Madam,

In continuation to our Letter No. VEDL/Sec./SE/24-25/198 dated November 08, 2024, declaring the Unaudited Consolidated and Standalone Financial Results of Vedanta Limited (the “Company” ) for the Second Quarter and Half Year ended September 30, 2024, the Board of Directors (the “Board” ) of the Company at its meeting held today, i.e. November 08, 2024, has also considered and approved the following:

1. Bharat Aluminium Company Limited (“BALCO”), a subsidiary of the Company: Expansion of Smelter capacity by 435 KTPA & Rolled Products by 130 KTPA

In continuation to the previous announcements made on May 13, 2021, July 26, 2021 and October 28, 2022, the following has been approved:

• Earlier approved Smelter capacity enhancement of 414 KTPA now stands revised to 435 KTPA, with latest technology, consequentially enhancing Smelter capacity from 580 KTPA to 1015 KTPA.

• Addition of Wire Rod (50 KTPA) to improve wire rod capacity from 218 KTPA to 268 KTPA.

• Sow Ingot Capacity addition revised from 100 KTPA to 200 KTPA.

• Above improvements along with planned addition of Billet (420 KTPA), RP debottlenecking to reach 180 KTPA, PFA to 180 KTPA and infrastructure developments will be accomplished at a cost of ₹ 11,816 Crores. Economic benefits of these additions are expected to garner from FY 2025-26. Funding will be done by Internal Accruals & Debt.

2. Athena Chhattisgarh Power Plant Project

In continuation to the previous announcements made on July 07, 2022 and July 25, 2023, has today approved ₹ 5,209 Crores capital expenditure ( “Capex” ) (including ₹ 565 Crores of acquisition cost) for Athena Chhattisgarh Power Plant Project located in Sakti district, Chhattisgarh. The power plant consists of two 600 MW units with Unit #1 approximately 80% complete and Unit #2 at 20%. The first unit of power plant is scheduled to go operational in the first quarter of FY 2025-26 followed by the second unit in the third quarter of FY 2025-26. Capex will be spread over upcoming financial years and financed through a combination of internally generated funds and borrowed capital. The plant benefits from a strategic location near water and coal resources.

3. Acquisition of Sterlite Iron and Steel Company Limited (“SISCOL”) by Sesa Resources Limited (“SRL”), a wholly owned subsidiary of Vedanta Limited

Approved the acquisition of 100% shares of SISCOL, a wholly owned subsidiary of Vedanta Incorporated, by SRL for ₹ 1 lakh.

Accordingly, SISCOL shall become a step-down subsidiary of Vedanta Limited.

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Enclosed as Annexure A is the information pursuant to Regulation 30 of Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

The meeting of the Board of Directors of the Company commenced at 12:35 p.m. IST and concluded at 02:15 p.m. IST.

We request you to please take the above on record.

Thanking you. Yours faithfully, For Vedanta Limited Digitally signed by Prerna Halwasiya Prerna Halwasiya Date: 2024.11.08 14:19:55 +05'30'

Prerna Halwasiya Company Secretary and Compliance Officer

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Annexure A

S. No.	Details Required		Information of such event	Information of such event	Information of such event
a)	Name of the target entity, details in brief such as size, turnover etc.		Name of the Target Entity:Sterlite Iron and Steel Company Limited (SISCOL) Capital: Authorized Paid Up Type Total ₹ Total ₹ Equity shares of ₹ 10/- each 52,00,000 50,61,600 A. 12% cumulative convertible redeemable preference shares of ₹ 10/- each 4,50,000 4,41,220 B. 12% fully compulsorily convertible cumulative preference shares of ₹ 10/- each 5,00,000 4,52,630 Total 61,50,000 59,55,450 Turnover(FY 2023-24): Nil
				Authorized	Paid Up
			Type	Total ₹	Total ₹
			Equity shares of ₹ 10/- each	52,00,000	50,61,600
			A. 12% cumulative convertible redeemable preference shares of ₹ 10/- each	4,50,000	4,41,220
			B. 12% fully compulsorily convertible cumulative preference shares of ₹ 10/- each	5,00,000	4,52,630
			Total	61,50,000	59,55,450
			Turnover(FY 2023-24): Nil
b)	Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length”;		Yes, this is a related party transaction. SISCOL is an unlisted company and a wholly owned subsidiary of Vedanta Incorporated, which is the ultimate holding company and part of the promoter group of Vedanta Limited. SRL is an unlisted wholly owned subsidiary of Vedanta Limited. Accordingly, SISCOL shall become a step-down subsidiary of Vedanta Limited. The transaction is done at arm’s length based on fair valuation carried out by Independent Chartered Accountant.
c)	Industry to which the entity being acquired belongs;		Iron and Steel Business
d)	Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity);		The acquisition of SISCOL forms part of overall group simplification exercise being undertaken by Vedanta group. Pursuant to the said acquisition, SISCOL shall become a step-down subsidiary of Vedanta Limited.
e)	Brief details of any governmental or regulatory approvals required for the acquisition;		Not required
f)	Indicative time period for completion of the acquisition;		By FY 2024-25
g)	Consideration - whether cash consideration or share swap or any other form and details of the same;		100% subscription to the share capital in cash.
h)	Cost of acquisition and/ or the price at which the shares are acquired		₹ 1,00,000/- (Rupees One Lakh only)
i)	Percentage of shareholding / control acquired and / or number of shares acquired;		100% holding acquired by SRL.

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j) Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)

Brief Background:

SISCOL is a public company incorporated under the Companies Act, 1956 with CIN U27100MH2004PLC148764, having its registered office in the State of Maharashtra. Its main object is to carry out the business with respect to Iron and Steel. SISCOL does not have any Turnover in the last 3 financial years.

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