Public Market

Secondary Issues

Vedanta raises $1-B via QIP; Goldman, Morgan Stanley among top investors

Business Standard  

Publicly listed Vedanta Ltd has raised INR 8,500 crore (over USD 1 Billion) through Qualified Institutional Placement (QIP) of 19.31 crore equity shares at an issue price of INR 440 per share. The fundraise implied a discount of 4.61 % to the floor price of INR 461.26 per equity share. The investors 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 run by Nippon Mutual Fund were allotted 9.11 % of the total issue size, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62 % and 7.88 %, respectively.The proceeds from the QIP will be used to continue to de-leverage Vedanta Ltd's balance sheet and help deliver the company's USD 10 Billion EBITDA targets in the near term.