Vedanta Limited raises $1bn via QIP, with major investors including AD Investment Authority and mutual funds.
Mining conglomerate Vedanta Limited raised $1bn (Rs 8,500 crore) through a Qualified Institutions Placement (QIP), selling 19.31 crore shares at an issue price of Rs 440 per share. Major investors in the QIP include Abu Dhabi Investment Authority, Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund and Mirae Mutual Fund. The funds raised will be used to reduce debt and meet capital requirements.
July 21, 2024
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