Vedanta's Blockbuster QIP Secures Triple Subscription

Mining giant Vedanta Ltd's qualified institutions placement (QIP) of Rs 8,000 crore saw around three times the subscription, amounting to Rs 23,000 crore. The QIP attracted substantial interest from various investors, including prominent mutual funds and foreign institutional investors. Vedanta aims to use the funds to reduce debt and support growth initiatives.

Mining giant Vedanta Ltd's recent qualified institutions placement (QIP) garnered approximately Rs 23,000 crore, three times the targeted Rs 8,000 crore, according to institutional brokers.

This overwhelming demand came from a wide range of investors, including foreign institutional investors (FIIs), mutual funds, insurance companies, and other investors. Major mutual funds such as Nippon, ICICI Prudential, SBI, Mirae, and White Oak were among the key bidders.

The QIP, expected to close on Friday, is designed to help Vedanta deleverage its balance sheet and finance its growth projects. The company has several high-potential projects underway that promise to increase volume, enhance business integration, and expand its range of value-added products.

(With inputs from agencies.)