Vedanta Ltd (VDAN.NS), opens new tab, India’s metals-to-oil conglomerate, has raised 85 billion rupees ($1.0 billion) through a qualified institutional placement (QIP) that opened on July 15 at 440 rupees per share, a company statement said on Sunday.
The company plans to use the proceeds from the QIP to reduce debt and meet certain capital requirements.
The miner, owned by billionaire Anil Agarwal, is currently working on several projects, and is looking to raise funds amounting to billions of dollars.
Source: REUTER