Vedanta to raise Rs 8,500 cr via QIP at floor price of Rs 461 per share

Mining conglomerate Vedanta Ltd on Monday announced the launch of its qualified institutional placement (QIP) issue at a 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 today...inter alia, passed resolutions for ... authorising the opening of the issue today, i.e. July 15, 2024," Vedanta said in a filing to BSE.

The committee approved the floor price for the issue at Rs 461.26 per equity share, the filing said.

The floor price is marginally higher than Monday's closing price of Rs 459.40 per share on BSE.

The company's board in May given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders.

Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt o