Vedanta rises on launching qualified institutional placement
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Vedanta is currently trading at Rs. 462.25, up by 2.85 points or 0.62% from its previous closing of Rs. 459.40 on the BSE.
The scrip opened at Rs. 468.65 and has touched a high and low of Rs. 470.50 and Rs. 459.40 respectively. So far 487244 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 506.85 on 22-May-2024 and a 52 week low of Rs. 207.85 on 28-Sep-2023.
Last one week high and low of the scrip stood at Rs. 470.50 and Rs. 441.60 respectively. The current market cap of the company is Rs. 172478.37 crore.
The promoters holding in the company stood at 59.32%, while Institutions and Non-Institutions held 25.08% and 15.60% respectively.
Vedanta has launched qualified institutional placement (QIP) at floor price of Rs 461.26 apiece. The move aims at reducing debt and fulfilling certain capital expenditure obligations. The Committee of Directors of the Company has, at its meeting held on July 15, 2024 has approved the floor price for the issue.
Earlier, the company's board in May had given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders.
The company's gross debt stood at Rs 71,759 crore as of March 31, 2024.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
