Vedanta’s debut QIP raises R8,500 crore at R440 per share.

NEW DELHI: Vedanta Limited on Sunday announced that it has raised R8,500 crore through its maiden qualified institutional placement (QIP).

A total number of 19.32 crore equity shares were allocated at R440 per equity share through the QIP. Some of the marquee investors that have been allotted equity shares through the QIP include 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 QIP was launched on 15 July 2024 and was closed on 19 July. Vedanta received applications for equity shares of about 2.6x of the offer size from marquee domestic mutual funds, foreign institutional investors, large family offices and multi strategy funds.

The proceeds from the QIP will be used to continue to de-leverage Vedanta Limited balance sheet and to help deliver the company’s $10 billion EBITDA targets in the near term.