Vedanta ltd: Mining group Vedanta Ltd has raised Rs 8,500 crore (over $1 billion) through a qualified institutional placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. In the information given to the stock market, the company said that in this issue which closed on July 19, a discount of 4.61 percent was given on the minimum price of Rs 461.26 per share. Vedanta said it raised Rs 8,500 crore by selling 19.31 crore shares.
The company raised money from these investors
Major investors who have been allotted equity shares through QIP include Abu Dhabi Investment Authority (ADIA), Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund and Mirae Mutual. Funds are included.
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Separate funds run by Nippon Mutual Fund were allocated 9.11 per cent of the total issue size, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62 per cent and 7.88 per cent, respectively.
Commenting on the occasion, Anil Agarwal, Chairman, Vedanta, issued a statement saying, “The overwhelming response to Vedanta QIP reflects the global investor community’s confidence in Vedanta, our unique set of world-leading assets, our pursuit of operational and cost excellence, and our strategic future. Underlines the utmost confidence in the strength of India’s development projects.
The QIP witnessed significant interest from foreign institutional investors (FIIs), mutual funds, insurance companies and other investors. Vedanta’s committee of directors allowed the QIP to open for the issue on July 15, 2024, with a floor price of Rs 461.26 per share.
The company said in a statement that the proceeds from the QIP will be used to improve the balance sheet of Vedanta Limited and achieve the company’s target of earning before tax of $ 10 billion in the near future.
