Vedanta Limited raises R8,500 crore via maiden QIP at R440 per share
NEW DELHI: Vedanta Limited on Sunday announced that it has raised R8,500 crore through its maiden qualified institutional placement (QIP).
A total number of 19.32 crore equity shares were allocated at R440 per equity share through the QIP. Some of the marquee investors that have been allotted equity shares through the 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 Fund.
Vedanta QIP was launched on 15 July 2024 and was closed on 19 July. Vedanta received applications for equity shares of about 2.6x of the offer size from marquee domestic mutual funds, foreign institutional investors, large family offices and multi strategy funds.
The proceeds from the QIP will be used to continue to de-leverage Vedanta Limited balance sheet and to help deliver the company’s $10 billion EBITDA targets in the near term.
Vedanta Chairman Anil Agarwal said, “The overwhelming response to the Vedanta QIP underscores the huge confidence that the global investor community has in Vedanta. We remain closely aligned with the goals of ensuring India’s self-reliance and security in the area of critical minerals and energy, while contributing significantly to the nation’s economic prosperity and the creation of shareholder value.” The consolidated net debt of Vedanta Ltd at the end of FY24 was R56,338 crore.