Vedanta added 2.12% to Rs 442.80 after the mining company on Thursday, 16 May 2024 announced that its board has approved to raise funds up to Rs 8,500 crore by various financial instruments.
The company will raise funds through issuance of equity shares and/or any financial instrument(s) and/or security convertible into equity shares, combination of such securities by way of one or more public and/or private offering(s) and/or further public offering and/or qualified institutions placement(s) and/or preferential allotment(s) and/or rights offering or american depository receipts / global depository receipts and/or foreign currency convertible bonds or any combination thereof or any other method.In an exchange filing, the company said that its board has declared a dividend of Rs 11 per share for the financial year 2024-25, amounting to Rs 4,089 crore. The record date for the purpose of payment of dividend shall be Saturday, 25 May, 2024.
Further, the companys board also approved Investment in Vedanta Copper International VCI Company for setting up of continuous cast copper rod plant in kingdom of Saudi Arabia. According to the company, the process of establishing a state of the art copper rod manufacturing facility with a projected capacity of 125 KTPA in KSA. The company said this will enable it to explore more growth opportunities in new geographies.
Post the investment, VCI shall become a direct wholly owned subsidiary of the company.
On consolidated basis, the diversified metal company reported 27.22% decline in net profit to Rs 1,369 crore in Q4 FY24 as against Rs 1,881 crore in Q4 FY23. The miner reported revenue of Rs 34,937 crore in March 2024 quarter, registering a de-growth of 6.15% YoY.
Vedanta, a subsidiary of Vedanta Resources, is one of the worlds leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power & glass substrate and foraying into semiconductors and display glass.
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