Vedanta Increases QIP Size To $1.02 Billion
The company had earlier set a floor price of Rs 461.26 per share and plans to use the funds to reduce debt.
Vedanta Ltd. has upsized its fundraising through qualified institutional placement of equity shares to $1.02 billion, Bloomberg reported on Tuesday citing terms of the deal it has viewed.
The Anil Agarwal-owned company on Monday opened its qualified institutional placement of equity shares on Monday at a floor price of Rs 461.26 apiece, it, however, had not disclosed how much it hopes to raise from institutional investors.
In May, shareholders approved plans to raise up to Rs 8,500 crore through the issuance of securities as the mining giant looks to pare debt.
The Anil Agarwal-owned company garnered Rs 2,500 crore via non-convertible debentures last month. Parent entity Vedanta Resources Ltd. offloaded stake in Vedanta for Rs 6,000 crore in block deals to reduce debt.
Vedanta did not immediately respond to a request for comment.
Shares of the company closed closed 0.8% lower at Rs 455.70. That compared with 0.1% gains in the country's benchmark NSE Nifty 50.
