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Bond Market News
Vedanta Upsizes QIP to Over $1bn
July 17, 2024
Vedanta upsized its QIP share placement to about $1.02bn from the initial $600mn after seeing strong demand. The shares will be offered at a floor price of INR 440/share ($5.3/share). Proceeds from the QIP are expected to be used for repaying or pre-paying, in full or in part, certain outstanding borrowings of theirs or one of its units, THL Zinc Ventures Ltd. Last month, as per sources, Vedanta was said to be planning a dollar bond issuance to raise $500mn, adding that it could also be upsized to $1bn depending on investors’ response.
Vedanta’s dollar bonds traded steady with its 9.25% 2026s at 93.9, yielding 13.2%.
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