Vedanta raises Rs 8,500 crore via QIP at Rs 440 per share

The company secured these blocks with the highest final price offers of 15.00 percent and 6.05 percent, respectively.

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Vedanta Limited said on July 19 it raised Rs 8,500 crore through Qualified Institutions Placement (QIP), which opened on July 15, at Rs 440 per share. This implies a discount of 4.61% to the floor price of Rs 461.26 per equity share.

In a stock exchange filing, Vedanta said it sold 19.31 crore shares to raise the amount.

On July 19, Vedanta's shares closed trading 2.3 percent lower at Rs 441.

On July 16, Moneycontrol reported that the Anil Agarwal company plans to use the proceeds from its QIP to repay in part or full the debt it owes to Oaktree Capital, Deutsche Bank and Union Bank of India.

As of June 25, the company owed Rs 17,470 crore to Oaktree, Deutsche Bank and Union Bank of India as of June 25.

Of these, Oaktree has an exposure of Rs 2,500 crore through debentures and a dollar-loan facility worth approximately Rs 7,470 crore.

Vedanta owes Rs 6,400 crore to Union Bank and Rs 1,100 crore to Deutsche Bank.

Vedanta Chairman Anil Agarwal said, “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."