Vedanta Ltd Raises Rs 3,200 Crore from Hindustan Zinc OFS
Vedanta Ltd raised approximately Rs 3,200 crore from the offer for sale (OFS) of its subsidiary Hindustan Zinc Ltd, receiving strong interest from retail and institutional investors. The proceeds will help deleverage Vedanta's balance sheet and support growth projects. The company is also planning a demerger into six listed entities.
- Country:
- India
Vedanta Ltd has successfully raised around Rs 3,200 crore through the offer for sale (OFS) of its subsidiary, Hindustan Zinc Ltd. According to sources, the OFS received robust interest from both retail and institutional investors.
The proceeds from the OFS will be utilized to deleverage Vedanta's balance sheet and invest in growth projects. Combined with Rs 8,500 crore from qualified institutional placement, this fund raise is expected to significantly reduce debt at both the company and group levels.
The company is also making strides in its proposed demerger, having filed a composite scheme of arrangement with the NCLT. The demerger aims to split Vedanta's existing business into six independent listed companies to house its various businesses, such as aluminium, oil and gas, power, and others.
(With inputs from agencies.)
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