New Delhi. Mining group Vedanta Limited has raised Rs 8,500 crore (over $ 1 billion) through a qualified institutional placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. In a stock exchange filing, the company said the issue was at a discount of 4.61 per cent to the floor price of Rs 461.26 per share, which closed on July 19. Vedanta said it raised Rs 8,500 crore by selling 19.31 crore shares. Key investors who have been allotted equity shares through the QIP.

They 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. Various funds managed by Nippon Mutual Fund were allotted 9.11 per cent of the total issue size, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62 per cent and 7.88 per cent, respectively. On this occasion, Vedanta Chairman Anil Agarwal issued a statement saying, “The overwhelming response to the Vedanta QIP underlines the immense confidence of the global investor community in Vedanta, our unique world-leading set of assets, our quest for operational and cost excellence, and the strength of our strategic future growth projects.

The QIP saw significant interest from foreign institutional investors (FIIs), mutual funds, insurance companies and other investors. Vedanta's board of directors approved the opening of the QIP on July 15, 2024 with a minimum price of Rs 461.26 per share for this issue. The company said in a statement that the amount raised from the QIP will be used to improve the balance sheet of Vedanta Limited and achieve the company's target of $ 10 billion of pre-tax income in the near future.