Vedanta Ltd raises Rs 8,500 cr through QIP at Rs 440 per share
Mumbai: Vedanta Limited announced on Friday that it raised Rs 8,500 crore through a Qualified Institutions Placement (QIP), which launched on July 15, at a price of Rs 440 per share, media reported.
This price represents a 4.61% discount to the floor price of Rs 461.26 per equity share, Moneycontrol reported.
In a stock exchange filing, billionaire Anil Agarwal’s company stated that it sold 19.31 crore shares to achieve this funding, according to the report.
On July 19, Vedanta's shares closed at Rs 441, marking a 2.3 percent decline for the day.
Moneycontrol had earlier reported, citing offer documents filed by Vedanta Limited, that the company plans to use the proceeds from its Rs 8,000-crore Qualified Institutional Placement (QIP) offer to partially or fully repay its debt to Oaktree Capital, Deutsche Bank, and Union Bank of India.
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