Shares of Vedanta will be in focus today as the company is looking to raise funds via a Qualified Institutions Placement (QIP), the company said in a late exchange filing on July 15. According to a report by CNBC-TV18 quoting sources, Vedanta is looking to raise Rs 7,000 crore from the QIP at an indicative price of Rs 440-445.
Vedanta shareholders had approved raising of Rs 8,500 crore in the month of June. The indicative price for the QIP is at a 3-5% discount to July 15’s closing price of Rs 459.45. Vedanta share price surged over 2% in trade on Monday as shareholders awaited the announcement of the fund raising by the company.
