Vedanta has launched qualified institutional placement (QIP) at 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 on July 15, 2024 has approved the floor price for the issue.
Earlier, the company's board in May had given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders.
The company's gross debt stood at Rs 71,759 crore as of March 31, 2024.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
