NEW DELHI (Reuters) – Vedanta Ltd, 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.
The company has also been declared the “preferred bidder” for mining rights being auctioned by the Indian government for nickel and chromium mines in the southern state of Karnataka and the eastern state of Bihar, the company said in an exchange filing on Sunday.
($1 = 83.7240 Indian rupees)
(Reporting by Neha Arora; Writing by Manoj Kumar; Editing by Tom Hogue)
