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Vedanta Ltd News

Vedanta's QIP receives bids for Rs 23,000 cr against offer of Rs 8,000 cr

Mining conglomerate Vedanta Ltd's (Vedanta) qualified institutions placement (QIP) of Rs 8,000 crore got around three times subscription around Rs 23,000 crore, institutional brokers said. The QIP witnessed significant interest from Foreign Institutional Investors (FIIs), mutual funds, insurance companies and other investors. Prominent mutual funds like Nippon, ICICI Prudential, SBI, Mirae, and White Oak have put in bids in the offer, an institutional broker said. Apart from MFs, other investors include foreign portfolio investors and UHNIs from India. The QIP, which is likely to close on Friday, will enable the company to deleverage its balance sheet and fund growth projects. Vedanta's Committee of Directors authorised the opening date of QIP on July 15 with a floor price of Rs 461.26 per share for this issue. The company had in its May 15 stock exchange disclosure said the proceeds may be used for prepayment of the borrowings as well as funding growth opportunities. The mining

Vedanta's QIP receives bids for Rs 23,000 cr against offer of Rs 8,000 cr
Updated On : 18 Jul 2024 | 4:02 PM IST

Vedanta to raise Rs 8,500 cr via QIP at floor price of Rs 461 per share

Mining conglomerate Vedanta Ltd on Monday announced the launch of its qualified institutional placement (QIP) issue at a 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 today...inter alia, passed resolutions for ... authorising the opening of the issue today, i.e. July 15, 2024," Vedanta said in a filing to BSE. The committee approved the floor price for the issue at Rs 461.26 per equity share, the filing said. The floor price is marginally higher than Monday's closing price of Rs 459.40 per share on BSE. The company's board in May given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders. Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt o

Vedanta to raise Rs 8,500 cr via QIP at floor price of Rs 461 per share
Updated On : 15 Jul 2024 | 10:45 PM IST

Vedanta demerger plan awaits NCLT's green light, says Anil Agarwal

Vedanta announced it will demerge into six different, listed entities - Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd

Vedanta demerger plan awaits NCLT's green light, says Anil Agarwal
Updated On : 10 Jul 2024 | 7:39 PM IST

Vedanta going ahead with demerger of businesses, says Anil Agarwal

Vedanta Chairman Anil Agarwal on Wednesday said that the company is going ahead with the proposed demerger of its businesses that will lead to formation of six firms and unlocking of massive value. The company has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. Addressing shareholders during the 59th Annual General Meeting, the Chairman said, "We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value." Each demerged entity, he said, will plan its own course but follow Vedanta's core values, its enterprising spirit and global leadership. "As we stand on the brink of an amazing transformation, our josh is high," Agarwal said, adding, "the demerger will lend speed to our journey." Each entity will have more independence with regar

Vedanta going ahead with demerger of businesses, says Anil Agarwal
Updated On : 10 Jul 2024 | 5:34 PM IST

Have arranged $250 million to settle Zambian copper mine debts: Vedanta

The miner owned by Indian billionaire Anil Agarwal will about the $250 million it needs to pay small creditors in Zambia on or around July 8, it said in a statement.

Have arranged $250 million to settle Zambian copper mine debts: Vedanta
Updated On : 05 Jul 2024 | 9:58 PM IST

Vedanta, Tata Steel, LT Fin, Brigade Ent among top buzzing stocks on July 4

Stocks to Watch today, July 4, 2024: L&T Finance's retail disbursements increased by 33 per cent Y-o-Y to Rs 14,830 crore in the June quarter (Q1-FY25)

Vedanta, Tata Steel, LT Fin, Brigade Ent among top buzzing stocks on July 4
Updated On : 04 Jul 2024 | 8:10 AM IST

Vedanta reports rise in production of aluminium, iron ore, zinc in Q1

Mining giant Vedanta Ltd on Wednesday reported a rise in production of aluminium, zinc, iron ore and steel in the June quarter. However, the production of mined metal at overseas and oil and gas dropped during the quarter. In a filing to the BSE, the company said the aluminium output grew 3 per cent to 5,96,000 tonnes in the first quarter over the year-ago period, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes over 2,60,000 tones. While at Zinc International the mined metal output dropped to 38,000 tonnes, over 68,000 tonnes in the first quarter of FY24. Meanwhile, oil and gas output dropped 17 per cent to 112,400 average daily gross operated production (boepd) during the quarter from 134,900 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes over 1.2 million tonnes in the year-ago period. The total saleable steel production rose 10 per cent to 3,56,000 tonnes and power sales rose 13 per cent to

Vedanta reports rise in production of aluminium, iron ore, zinc in Q1
Updated On : 04 Jul 2024 | 6:46 AM IST

Court approves billionaire Anil Agarwal's plan to reclaim Zambia mine

To get access to the mine again, Vedanta now needs to follow the court ruling by releasing $250 million to settle debts that KCM owes to contractors and suppliers

Court approves billionaire Anil Agarwal's plan to reclaim Zambia mine
Updated On : 29 Jun 2024 | 2:32 PM IST

Vedanta's share price surges 4% after raising Rs 2,500 cr via NCDs

Shares of Vedanta 3.6 per cent at Rs 458.75 on the BSE in Friday's intraday deals

Vedanta's share price surges 4% after raising Rs 2,500 cr via NCDs
Updated On : 28 Jun 2024 | 11:59 AM IST

Promoter entity Finsider International sells entire 2.6% stake in Vedanta

Finsider International is a unit of Anil Agarwal-led Vedanta Resources, whose debt stood at around $6 bn as of March 31

Promoter entity Finsider International sells entire 2.6% stake in Vedanta
Updated On : 26 Jun 2024 | 7:26 PM IST

Vedanta Resources to sell 2.6% stake in Indian miner Vedanta in about-turn

Vedanta Resources will sell the stake through its unit Finsider International, which held a 2.63 per cent stake in Mumbai-listed Vedanta

Vedanta Resources to sell 2.6% stake in Indian miner Vedanta in about-turn
Updated On : 26 Jun 2024 | 11:09 AM IST

Vedanta's shares dip 7% after large block deal; promoter likely seller

Till 09:39 am; a combined 226.79 million equity shares representing 6 per cent total equity of the company have changed hands on the NSE and BSE.

Vedanta's shares dip 7% after large block deal; promoter likely seller
Updated On : 26 Jun 2024 | 10:08 AM IST

Vedanta mulls first dollar bond sale of $500 mn in debut overseas issuance

The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said

Vedanta mulls first dollar bond sale of $500 mn in debut overseas issuance
Updated On : 24 Jun 2024 | 12:06 PM IST

Vedanta Group biggest wealth creator in FY25; adds over Rs 2.2 trn in mcap

Vedanta Group comprising, Vedanta Ltd and Hindustan Zinc Ltd, have generated the maximum wealth for investors on the Dalal Street in the current fiscal so far, with the combined market valuation of both firms surging by Rs 2.2 lakh crore. The market capitalisation of the Vedanta Group surged by over Rs 2.2 lakh crore between March 28 and June 20, 2024, according to stock exchange data. This is higher than the market cap growth witnessed by leading Indian businesses like Reliance Industries, Mahindra Group, and the Tata Group during the same period. Share prices of Vedanta and Hindustan Zinc have doubled from their 52-week lows, backed by multiple positives, including the proposed demerger, the management's consistent focus on deleveraging, and significant improvement in earnings, as per stock exchange data. In comparison, Adani and Mahindra groups saw their market cap rise by Rs 1.4 lakh crore each. While Tata Group's market cap rose by over Rs 60,600 crore, heavyweight RIL's mark

Vedanta Group biggest wealth creator in FY25; adds over Rs 2.2 trn in mcap
Updated On : 20 Jun 2024 | 10:08 PM IST

Vedanta jumps 7% after board approves Rs 1,000-cr fund raise via NCDs

The rise in stock came after the board approved fundraising worth Rs 1,000 crore via non-convertible debentures (NCDs) on a private pavement basis

Vedanta jumps 7% after board approves Rs 1,000-cr fund raise via NCDs
Updated On : 20 Jun 2024 | 1:02 PM IST

Vedanta to raise $120 million by issuing non-convertible debentures

In the past two months, Vedanta's board has already approved raising up to $300 mn through debentures

Vedanta to raise $120 million by issuing non-convertible debentures
Updated On : 20 Jun 2024 | 1:03 PM IST

Vedanta Resources proposes to cut debt by $3 bln over next three years

Vedanta Resources, whose debt stood at $6 billion as of March 2024, has been grappling with a host of rating downgrades since last year as analysts flagged liquidity issues and high default risk

Vedanta Resources proposes to cut debt by $3 bln over next three years
Updated On : 18 Jun 2024 | 10:28 PM IST

Vedanta target price raised 15%; M&M stock surges 91% in 5 months

The Anil Agarwal group co value has risen by over 70 per cent this year. Analysts say operational efficiencies, cost reduction, improved operating profit, and proposed demerger have underpinned gains

Vedanta target price raised 15%; M&M stock surges 91% in 5 months
Updated On : 18 Jun 2024 | 9:09 PM IST

Over 50 high-impact growth projects to help Vedanta achieve $10 bn Ebitda

Mining conglomerate Vedanta Group's strategic roadmap to a USD 10 billion near-term EBITDA will be powered by timely execution of over 50 high-impact growth projects, including those in zinc, aluminum, oil and gas and power businesses. These projects are at an advanced stage of completion, according to a powerpoint presentation made to more than 45 fund managers and analysts, who were on a site visit organised by the Vedanta Group. Vedanta's aluminum business has projects underway to achieve 3.1 million tonnes per annum of integrated supply. It sits in the first quartile of the global cost curve, with the cost of production at multi-year lows -- USD 1,711 per tonne -- with a 100 per cent vertically integrated supply chain. The business has a 2x strong demand outlook with India's domestic market set to double every five years, it said. Vedanta's zinc business produces 1.2 million tonnes of zinc metal at the cost of USD 1,000 per tonne while silver volumes are at 800 million tonnes a

Over 50 high-impact growth projects to help Vedanta achieve $10 bn Ebitda
Updated On : 17 Jun 2024 | 9:48 AM IST

CLSA sees further re-rating scope in Vedanta; stock rises over 2%

Vedanta also expects major cost reductions via alumina refinery capacity expansion, higher power generation efficiency, commissioning coal blocks and bauxite mines, and a smelting capacity increase

CLSA sees further re-rating scope in Vedanta; stock rises over 2%
Updated On : 14 Jun 2024 | 8:25 PM IST