Mumbai: Vedanta Limited announced on Friday that it successfully raised Rs 8,500 crore through a Qualified Institutions Placement (QIP), which was launched on July 15. The shares were priced at Rs 440 each, media sources reported.
This pricing represents a 4.61% discount to the floor price of Rs 461.26 per share, according to Moneycontrol.
In a filing with the stock exchange, the company, led by billionaire Anil Agarwal, disclosed that it sold 19.31 crore shares to secure the funding.
On July 19, Vedanta’s shares closed at Rs 441, marking a 2.3 percent decline for the day.
Moneycontrol had previously reported, based on offer documents filed by Vedanta Limited, that the company plans to use the proceeds from this QIP to partially or fully repay its debt to Oaktree Capital, Deutsche Bank, and Union Bank of India.
