Vedanta Stock Soars 101% in 2 Years, Announces HUGE Fundraise!

Vedanta’s board approved a share issue to raise funds. The floor price is set at Rs 461.26 per share with a possible 5% discount. The stock gained 101% over the past two years.

CONTENTS: Vedanta Stock Soars 101% in 2 Years

• Vedanta raising funds via QIP
• Vedanta stock up, QIP floor price set

Shares of mining major Vedanta are making headlines today after the company announced that its committee of directors has approved the launch of a qualified institutional placement (QIP), with a floor price set at Rs 461.26 per equity share.

In a filing to the stock exchange, Vedanta stated, “We further wish to inform you that the ‘relevant date’ for the purpose of the issue is July 15, 2024, and accordingly, the floor price in respect of the aforesaid issue is Rs 461.26 per equity share.” The company also mentioned the possibility of offering a discount of up to 5% on the calculated floor price for the QIP.

Vedanta’s shares closed 2.21% higher at Rs 459.40 on Monday, with the company’s market capitalization rising to Rs 1.70 lakh crore. In terms of returns, the stock has gained 101% over two years and has risen by 78.62% in 2024.

The stock reached a 52-week high of Rs 506.85 on May 22, 2024, and a 52-week low of Rs 207.85 on September 28, 2023.

In a filing, the company stated, “We wish to inform you that the ‘relevant date’ for the purpose of the Issue, as per Regulation 171(b)(i) of the SEBI ICDR Regulations, is July 15, 2024. Consequently, the floor price for the Issue, based on the pricing formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations, is Rs 461.26 per equity share. Following Regulation 176(1) and the shareholders’ approval granted through a special resolution on June 21, 2024, via postal ballot, the company may offer a discount of up to 5% on the calculated floor price for the Issue.”