Business
Goldman, Morgan Stanley among major investors in Vedanta's $1 billion QIP
Mining conglomerate Vedanta Limited has raised 8,500 crore (over USD 1 billion) through a Qualified Institutional Placement (QIP) of 19.31 crore ordinary shares at an issue price of $440 per share, according to a company filing.
The issue, which closed on July 19, involved a discount of 4.61% compared to the floor price of $461.26 per common share.
In a stock exchange filing, Vedanta said it sold 19.31 crore shares to raise 8,500 crores.
Some of the prominent investors who were allotted shares through the QIP 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 allocated 9.11% of the total issue amount, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62% and 7.88% respectively.
Speaking on the occasion, Vedanta Chairman Anil Agarwal said in a press release, “The overwhelming response to Vedanta’s QIP underscores the enormous confidence that the global investment community has in Vedanta – our unique set of world-class, irreplaceable assets, our drive for operational and cost excellence, and the strength of our strategic plans for future growth.
We remain closely aligned with the objectives of ensuring India's self-reliance and security in critical minerals and energy while contributing significantly to the country's economic prosperity and creating shareholder value.
The QIP has attracted considerable interest from foreign institutional investors (FIIs), mutual funds, insurance companies and other investors. The Board of Directors of Vedanta has approved the QIP opening date of July 15, 2024, with a floor price of $461.26 per share for this issue.
According to the company's press release, the proceeds from the QIP will be used to continue to reduce Vedanta Limited's balance sheet leverage and help achieve the company's EBITDA targets of $10 billion in the near term.
The mining group has several projects under execution, which have strong potential to increase volumes, integrate operations and enhance the value-added product range across its businesses. These growth projects will be the key drivers of Vedanta's near-term EBITDA target of $10 billion.
These include an aluminium smelter and refinery, investments in new oil and gas blocks, and the expansion of its steel and iron ore operations.
Vedanta delivered strong financial performance and growth on multiple fronts, with many of its businesses (aluminium, zinc, silver, steel, iron ore and ferrochrome) achieving their highest ever annual production levels in the last financial year.
For FY24, the company recorded its second highest annual consolidated revenue ever 1,41,793 crores and the second highest annual EBITDA in 36,455 crores.
The mining giant announced last September a plan to split its business units into independent companies specializing in the sector.
The demerger will unlock value and attract large-scale investments for expansion and growth of its businesses. It will create independent companies comprising the aluminium, oil and gas, power, steel and ferrous and base metals businesses, while the existing zinc businesses and the new incubated companies will remain under Vedanta Limited.
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