Vedanta’s QIP Becomes Largest Ever Equity Raise in Metals and Mining Sector.
Vedanta Limited, a subsidiary of Vedanta Resources Limited, has successfully completed a Qualified Institutions Placement (QIP) valued at ₹8,500 crore ($1 billion). This QIP, which was significantly oversubscribed with demand nearly three times the amount offered, was finalized on July 20.
Cyril Amarchand Mangaldas provided legal counsel to Vedanta for this QIP. The team from Cyril Amarchand Mangaldas included Senior Partner Yash J. Ashar, Senior Associate Sanjana Ravjiani, and Associates Harshvardhan Lahiri, Arikta Shetty, Devansh Raheja, Hitesh Nagpal, and Zeb Burk.
Khaitan & Co advised the Book Running Lead Managers, Citigroup Global Markets India, JM Financial, and Nuvama Wealth Management.
Their team comprised Executive Director Sudhir Bassi, Partners Madhur Kohli and Vaibhav Mittal, and Associates Ritika Khare, Kanchi Malhotra, Saisha Bacha, Bhavna Sancheti, Sairandhri Nawale, and Vanshika Singh, with additional support from Mehul Shah on corporate matters.
Linklaters served as international counsel to the book running lead managers.
The team comprised Partner and Head of India Practice Amit Singh leading the team, supported by Counsel Joseph Wolpin, Managing Associate Kundhavi Suresh Kumar, and Associate Yosua Kanata.
This QIP marks the first time Vedanta Limited has undertaken such a placement since its listing in 1982, and it stands as the largest equity raise via the QIP route in India’s metals and mining sector. The offering drew strong interest from both global and domestic investors. The funds raised will be used to reduce debt and address capital requirements for the company.
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