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Vedanta Limited recently completed a successful Qualified Institutions Placement (QIP), raising over $1 billion through the issuance of 19.31 crore equity shares at an issue price of ₹440 per share. The QIP attracted significant interest from prominent investors such as 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.
Vedanta’s Successful QIP
Vedanta’s Chairman, Anil Agarwal, expressed confidence in the company’s future growth projects and emphasized the strong belief of the global investor community in Vedanta’s assets and operational excellence. The QIP witnessed significant interest from foreign institutional investors (FIIs), mutual funds, insurance companies, and other investors, reflecting a positive sentiment towards Vedanta’s strategic direction and growth prospects.
The proceeds from the QIP are intended to be utilized for de-leveraging Vedanta Limited’s balance sheet and to support the company’s $10 billion EBITDA targets in the near term. Additionally, Vedanta has various projects under execution, including an aluminium smelter and refinery, investment in new oil and gas blocks, and expansion of its steel and iron ore businesses, which are expected to drive the company’s near-term EBITDA target of $10 billion.
Investor Participation
- Nippon Mutual Fund was allotted 9.11% of the total issue size
- Morgan Stanley and SBI Mutual Fund received 8.62% and 7.88% respectively
The QIP attracted significant interest from prominent investors such as 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.
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