Vedanta Launches QIP to Raise Rs 8,500 Cr at Floor Price of Rs 461 Per Share

The mining conglomerate Vedanta, on Monday, July 15, announced the launch of its qualified institutional placement (QIP) issue at a floor price of Rs 461.26 apiece to raise a capital of Rs 8,500 crore.
 

Key Takeaways from Vedanta’s QIP Issue

• Mining conglomerate Vedanta on Monday announced the launch of its qualified institutional placement (QIP) issue at a floor price of Rs 461.26 apiece.
• The move aims to reduce the debt and fulfil certain capital expenditure obligations of the company.
• The committee approved the floor price at Rs 461.26 per equity share.
   

‘The committee of directors of the company has, at its meeting held today...inter alia, passed resolutions for ... authorising the opening of the issue today, i.e. July 15, 2024,’ the company stated in an exchange filing on Monday post market hours.
 

The move aims to reduce the debt and fulfil certain capital expenditure obligations of the company.
 

The floor price of Rs 461.26 per equity share for the offering was agreed upon by the committee. The floor price is somewhat more than the share's closing BSE price of Rs 459.40 on Monday.
 

The board of the firm approved raising to Rs 8,500 crore by issuing securities in May. The shareholders later authorised this fundraising effort.
 

About Vedanta Limited

Incorporated in 1965, Vedanta Limited is a leading global natural resources and technology conglomerate with operations in India, South Africa, Liberia, and Namibia. We are a highly diverse natural resources corporation with holdings in oil and gas, zinc-lead-silver, aluminium, iron ore, steel, copper, ferroalloys, power, nickel, semiconductors, and glass.

Over the years, Vedanta has established itself as a premier natural resources and technology conglomerate throughout the years, concentrating on portfolio development on a vast scale in India while maintaining operational excellence that is measured against international standards.

For the past two decades, the company has facilitated the growth of the Indian economy by contributing to the national exchequer and creating thousands of jobs. Vedanta has established a thorough framework to lead the natural resources industry in ESG. The company pledges to achieve carbon neutrality by 2050 at the latest. To hasten the shift to net-zero operations, the organisation has committed to spending $5 billion over the following ten years.

Vedanta uses research, discovery, acquisition, sustainable development, and the utilisation of a variety of natural resources to generate long-term value for all of our stakeholders. Vedanta exhibits top-notch governance, safety, sustainability, and social standards of responsibility.

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