Vedanta, the Anil Agarwal-led conglomerate, has increased its Qualified Institutional Placement (QIP) size to $1.02 billion. Earlier, the company had announced plans to raise up to ₹6,688 crore through the QIP.
The indicative price for the QIP is likely to be ₹440 per share, which is a 4.2% discount to the closing price on Monday, July 15. Previously, the board of directors authorized the QIP at a floor price of ₹461.26 per equity share.
In a regulatory filing, Vedanta stated, “We wish to inform you that the ‘relevant date’ for the purpose of the issue, in terms of regulation 171(b)(i) of the SEBI ICDR regulations, is July 15, 2024, and accordingly, the floor price in respect of the aforesaid issue, based on the pricing formula as prescribed under regulation 176(1) of the SEBI ICDR Regulations, is ₹461.26 per equity share.”
