Vedanta Limited Raises Over $1 Billion Through QIP; Plans Aggressive Expansion

Vedanta Limited, a mining conglomerate, successfully raised Rs 8,500 crore (over USD 1 billion) through a Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. The funds will be utilized to reduce debt and support various growth projects, including investments in aluminium, oil, gas, and steel.

Mining conglomerate Vedanta Limited has successfully raised Rs 8,500 crore (over USD 1 billion) through a Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share, as per a stock exchange filing.

The QIP issue, which closed on July 19, was at a discount of 4.61 per cent versus the floor price of Rs 461.26 per share. Vedanta's statement highlighted that marquee investors such as the Abu Dhabi Investment Authority, Goldman Sachs AMC, and multiple mutual funds participated in the placing.

Vedanta Chairman Anil Agarwal remarked on the occasion, emphasizing the overwhelming investor confidence in the company's strategic future growth projects and operational excellence. The proceeds will support debt reduction and help realize Vedanta's near-term USD 10 billion EBITDA target.

(With inputs from agencies.)