Anil Agarwal’s Vedanta will likely opt for the QIP route to raise Rs 8,000 crore and has appointed bankers for the proposed issue, after having secured shareholder approval for the fund raise back in June, CNBC-TV18 reported, citing sources familiar with the development.
"As a policy, we do not comment on market speculation", a Vedanta spokesperson said when the channel reached out for a response. Moneycontrol is yet to independently verify this development.
Bloomberg too had reported earlier in May that Vedanta may raise the funds through qualified institutional placement route.
Citi, JM Financial and Nuvama are the likely bankers appointed for the QIP issue, CNBC-TV18 learns. Vedanta’s shareholders had approved on June 21 raising Rs 8,500 crore fund raising proposal, which was cleared by the board in May earlier this year.
Shares of Vedanta are trading weak, down over 2 percent at 1:30pm on July 11, soon after the news was reported. For the year, Vedanta's stock is higher by 74 percent.
As much as 4.6 percent equity stake in Vedanta was sold for Rs 7,485 crore in block deals on June 26. Parent entity Vedanta Resources has been looking to reduce its debt by $3 billion over next three years. The debt on Vedanta Resources' books stands at $6 billion as of FY24.
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