Vedanta Limited has announced the successful completion of its maiden Qualified Institutional Placement (QIP), raising ₹8,500 crore. The QIP was launched on July 15, 2024, and closed on July 19, 2024, receiving applications for equity shares approximately 2.6 times the offer size from prominent domestic mutual funds, foreign institutional investors, large family offices, and multi-strategy funds.
Speaking on the occasion, Vedanta Chairman Anil Agarwal stated, “The overwhelming response to the Vedanta QIP underscores the huge confidence that the global investor community has in Vedanta – our unique set of irreplaceable world-leading assets, our quest for operational and cost excellence, and the solidity of our strategic future growth projects. 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.”
Through the QIP, a total of 19,31,81,818 equity shares were allocated at ₹440 per equity share. Some of the notable investors who were allotted equity shares include the 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.
The proceeds from the QIP will be utilized to continue de-leveraging Vedanta Limited’s balance sheet and to support the company’s $10 billion EBITDA targets in the near term.
This significant capital influx is set to bolster Vedanta’s strategic initiatives, further strengthening its position in the global market and driving its commitment to operational excellence and sustainable growth.
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