Vedanta announced that its board approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 461.26 per share.
The company's board authorized and declared the opening of the issue on Monday, 15 July 2024.The floor price of Rs 461.26 is at a discount of 0.40% to the previous day's closing price of Rs 459.40 on the BSE.
The company may offer a discount of not more than 5% on the floor price so calculated for the issue.
The issue price will be determined by the company in consultation with the book running lead manager appointed for the Issue.
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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The company reported 27.22% decline in net profit to Rs 1,369 crore on a 6.15% de-growth in revenue from operations to Rs 34,937 crore in Q4 FY24 over Q4 FY23.
The scrip rose 0.86% to currently trade at Rs 463.35 on the BSE.
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