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Bond Market News
Vedanta Mulling $1bn Share Sale in June
May 28, 2024
Vedanta Ltd. is said to be working with advisers for its INR 85bn ($1bn) share sale plans as early as June, sources reported. They said that the conglomerate has started gauging interest from potential investors including Middle East funds. The likely method of raising this financing would be via a qualified institutional placement (QIP) after approval by shareholders. However, sources noted that the timeline could change, given the recent sharp rally in Indian equity markets that might see an elevated level for issuing the shares. Vedanta’s shares have rallied 79% YTD, with the company’s market value at ~$20.6bn.
Vedanta’s dollar bonds were stable with its 9.25% 2026s at 85.6, yielding 18.6%.
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