Vedanta Launches Rs 8,500-cr QIP at Rs 461.26/share
By Rediff Money Desk, New Delhi Jul 15, 2024 22:30
Vedanta Ltd announces a qualified institutional placement (QIP) issue at a floor price of Rs 461.26 per share, aiming to reduce debt and fund capital expenditure.
![Vedanta Launches Rs 8,500-cr QIP at Rs 461.26/share](https://im.rediff.com/money/2023/mar/01vedanta1.jpg)
Photograph: Danish Siddiqui/Reuters
New Delhi, July 15 (PTI) Mining conglomerate Vedanta Ltd on Monday announced the launch of its qualified institutional placement (QIP) issue at a floor price of Rs 461.26 apiece.
The move aims at reducing debt and fulfilling certain capital expenditure obligations.
"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," Vedanta said in a filing to BSE.
The committee approved the floor price for the issue at Rs 461.26 per equity share, the filing said.
The floor price is marginally higher than Monday's closing price of Rs 459.40 per share on BSE.
The company's board in May given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders.
Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt over the next three years, a senior official had earlier said at an analyst meeting.
Vedanta has a unique portfolio of assets among Indian and global companies with metals and minerals - zinc, silver, lead, aluminium, chromium, copper, nickel; oil and gas; a traditional ferrous vertical, including iron ore and steel; and power, including coal and renewable energy; and is now foraying into the manufacturing of semiconductors and display glass.
The company's gross debt stood at Rs 71,759 crore as of March 31, 2024.
The move aims at reducing debt and fulfilling certain capital expenditure obligations.
"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," Vedanta said in a filing to BSE.
The committee approved the floor price for the issue at Rs 461.26 per equity share, the filing said.
The floor price is marginally higher than Monday's closing price of Rs 459.40 per share on BSE.
The company's board in May given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders.
Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt over the next three years, a senior official had earlier said at an analyst meeting.
Vedanta has a unique portfolio of assets among Indian and global companies with metals and minerals - zinc, silver, lead, aluminium, chromium, copper, nickel; oil and gas; a traditional ferrous vertical, including iron ore and steel; and power, including coal and renewable energy; and is now foraying into the manufacturing of semiconductors and display glass.
The company's gross debt stood at Rs 71,759 crore as of March 31, 2024.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- YES Bank Ltd.
- 26.38 (+ 3.01)
- 49475475
- IFL Enterprises
- 1.24 (+ 2.48)
- 47698802
- Sawaca Business Mach
- 0.70 ( -4.11)
- 32109329
- AvanceTechnologies
- 0.93 (+ 3.33)
- 30150685
- Vodafone Idea L
- 16.68 (+ 3.73)
- 27806040
MORE NEWS
![Tesla RoboTaxi...](https://im.rediff.com/80-80/money/2024/apr/28musk.jpg)
Tesla RoboTaxi Unveiling Delayed: Musk Confirms...
Tesla CEO Elon Musk confirms a delay in the Aug 8 robotaxi unveiling event, citing a...
![Vedanta Launches...](https://im.rediff.com/80-80/money/2023/mar/01vedanta1.jpg)
Vedanta Launches Rs 8,500-cr QIP at Rs...
Vedanta Ltd announces a qualified institutional placement (QIP) issue at a floor price...
![Sebi Fines...](https://im.rediff.com/80-80/money/2023/mar/29sebi2.jpg)
Sebi Fines Monetary Solutions Rs 25 Lakh for...
Sebi has fined Monetary Solutions Rs 25 lakh for violating market norms, including...