Page 15 - Vedanta

Vedanta to raise Rs 8,500 cr via QIP at floor price of Rs 461 per share

Mining conglomerate Vedanta Ltd on Monday announced the launch of its qualified institutional placement (QIP) issue at a floor price of Rs 461.26 apiece. The move aims at reducing debt and fulfilling certain capital expenditure obligations. "The committee of directors of the company has, at its meeting held today...inter alia, passed resolutions for ... authorising the opening of the issue today, i.e. July 15, 2024," Vedanta said in a filing to BSE. The committee approved the floor price for the issue at Rs 461.26 per equity share, the filing said. The floor price is marginally higher than Monday's closing price of Rs 459.40 per share on BSE. The company's board in May given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders. Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt o

Vedanta going ahead with demerger of businesses, says Anil Agarwal

Vedanta Chairman Anil Agarwal on Wednesday said that the company is going ahead with the proposed demerger of its businesses that will lead to formation of six firms and unlocking of massive value. The company has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. Addressing shareholders during the 59th Annual General Meeting, the Chairman said, "We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value." Each demerged entity, he said, will plan its own course but follow Vedanta's core values, its enterprising spirit and global leadership. "As we stand on the brink of an amazing transformation, our josh is high," Agarwal said, adding, "the demerger will lend speed to our journey." Each entity will have more independence with regar

Have arranged $250 million to settle Zambian copper mine debts: Vedanta

The miner owned by Indian billionaire Anil Agarwal will about the $250 million it needs to pay small creditors in Zambia on or around July 8, it said in a statement.

Vedanta, Tata Steel, LT Fin, Brigade Ent among top buzzing stocks on July 4

Stocks to Watch today, July 4, 2024: L&T Finance's retail disbursements increased by 33 per cent Y-o-Y to Rs 14,830 crore in the June quarter (Q1-FY25)

Vedanta reports rise in production of aluminium, iron ore, zinc in Q1

Mining giant Vedanta Ltd on Wednesday reported a rise in production of aluminium, zinc, iron ore and steel in the June quarter. However, the production of mined metal at overseas and oil and gas dropped during the quarter. In a filing to the BSE, the company said the aluminium output grew 3 per cent to 5,96,000 tonnes in the first quarter over the year-ago period, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes over 2,60,000 tones. While at Zinc International the mined metal output dropped to 38,000 tonnes, over 68,000 tonnes in the first quarter of FY24. Meanwhile, oil and gas output dropped 17 per cent to 112,400 average daily gross operated production (boepd) during the quarter from 134,900 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes over 1.2 million tonnes in the year-ago period. The total saleable steel production rose 10 per cent to 3,56,000 tonnes and power sales rose 13 per cent to

Hindustan Zinc committed to partner with India's auto firms, says CEO

Vedanta group firm Hindustan Zinc on Wednesday said it is committed to partner with the country's auto companies to "unlock zinc potential" and drive India's mobility. Zinc's usage in the automotive sector, through galvanised steel, offers significant fuel and emission savings by providing high degree of corrosion resistance to lightweight steel bodies, ensuring durable, long-lasting vehicles with longer anti-perforation warranty against corrosion. "Our zinc solutions are not only cost-effective and adaptable for complex designs but also environmentally responsible, making zinc a key material for a cleaner and more sustainable tomorrow," Hindustan Zinc CEO Arun Misra was quoted as saying in a statement. The company -- the country's largest and the world's second-largest zinc producer -- recently showcased its extensive product offerings for the automotive sector at the fourth Automotive Component Manufacturers' Association (ACMA) Raw Material Conclave & Exhibition. The company ...

Court approves billionaire Anil Agarwal's plan to reclaim Zambia mine

To get access to the mine again, Vedanta now needs to follow the court ruling by releasing $250 million to settle debts that KCM owes to contractors and suppliers

Vedanta's share price surges 4% after raising Rs 2,500 cr via NCDs

Shares of Vedanta 3.6 per cent at Rs 458.75 on the BSE in Friday's intraday deals

Promoter entity Finsider International sells entire 2.6% stake in Vedanta

Finsider International is a unit of Anil Agarwal-led Vedanta Resources, whose debt stood at around $6 bn as of March 31

Vedanta Resources to sell 2.6% stake in Indian miner Vedanta in about-turn

Vedanta Resources will sell the stake through its unit Finsider International, which held a 2.63 per cent stake in Mumbai-listed Vedanta

Vedanta mulls first dollar bond sale of $500 mn in debut overseas issuance

The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said

Vedanta Group biggest wealth creator in FY25; adds over Rs 2.2 trn in mcap

Vedanta Group comprising, Vedanta Ltd and Hindustan Zinc Ltd, have generated the maximum wealth for investors on the Dalal Street in the current fiscal so far, with the combined market valuation of both firms surging by Rs 2.2 lakh crore. The market capitalisation of the Vedanta Group surged by over Rs 2.2 lakh crore between March 28 and June 20, 2024, according to stock exchange data. This is higher than the market cap growth witnessed by leading Indian businesses like Reliance Industries, Mahindra Group, and the Tata Group during the same period. Share prices of Vedanta and Hindustan Zinc have doubled from their 52-week lows, backed by multiple positives, including the proposed demerger, the management's consistent focus on deleveraging, and significant improvement in earnings, as per stock exchange data. In comparison, Adani and Mahindra groups saw their market cap rise by Rs 1.4 lakh crore each. While Tata Group's market cap rose by over Rs 60,600 crore, heavyweight RIL's mark

Vedanta jumps 7% after board approves Rs 1,000-cr fund raise via NCDs

The rise in stock came after the board approved fundraising worth Rs 1,000 crore via non-convertible debentures (NCDs) on a private pavement basis

Vedanta to raise $120 million by issuing non-convertible debentures

In the past two months, Vedanta's board has already approved raising up to $300 mn through debentures

Vedanta Resources proposes to cut debt by $3 bln over next three years

Vedanta Resources, whose debt stood at $6 billion as of March 2024, has been grappling with a host of rating downgrades since last year as analysts flagged liquidity issues and high default risk

Vedanta target price raised 15%; M&M stock surges 91% in 5 months

The Anil Agarwal group co value has risen by over 70 per cent this year. Analysts say operational efficiencies, cost reduction, improved operating profit, and proposed demerger have underpinned gains

CLSA sees further re-rating scope in Vedanta; stock rises over 2%

Vedanta also expects major cost reductions via alumina refinery capacity expansion, higher power generation efficiency, commissioning coal blocks and bauxite mines, and a smelting capacity increase

Vedanta arm WCL to invest $2 bn for Liberia's socio-economic development

Vedanta Sesa Goa on Friday said that its arm Western Cluster Ltd (WCL) is planning to pump in USD 2 billion for the socio-economic development of Liberia, West Africa. WCL is a wholly-owned arm of Bloom Fountain Ltd, which is a wholly-owned subsidiary of Vedanta Ltd. "Western Cluster Ltd...a key player in Liberia's mining sector, is set to act as a catalyst to Liberia's growth trajectory charted by the new government as it plans to invest USD 2 billion to propel socio-economic development in the region," the company said in a statement. WCL's ongoing initiatives include infrastructure development, community engagement, and generating employment opportunities for local communities. Since its inception in 2011, WCL has invested over USD 300 million towards the socio-economic development of the region, which includes substantial contributions to community development funds and critical infrastructure projects. "We...aim to act as a catalyst to unlock Liberia's economic potential and

Vedanta Resources posts 2nd highest consolidated EBITDA of $4.7 bn in FY24

Vedanta Resources, the parent company of India-listed mining group, posted its second highest ever consolidated EBITDA of USD 4.7 billion for FY24, a year which its chairman Anil Agarwal described as 'pivotal year' that will result in "a strong Vedanta." Revenue (before special items) for the year at USD 17.1 billion was 6 per cent lower than USD 18.1 billion of the previous year "primarily driven by lower output commodity prices primarily of aluminium, zinc and brent, partially offset by higher volume at aluminium, copper and iron ore business," the conglomerate said in a statement on its website. It posted the second highest ever consolidated EBITDA of USD 4.7 billion, 2 per cent higher year-on-year (FY 2022-23: USD 4.6 billion). "This was mainly due to softening of input commodity prices coupled with strategic cost savings, one time arbitration award in oil and gas business which is partially offset by slip in commodity prices primarily of aluminium, zinc and brent and strategic .

Vedanta says ICRA has assigned top rating to its commercial paper

Vedanta on Thursday said ICRA has assigned A1+ rating to the company's Rs 2,500-crore commercial paper, citing multiple positives. ICRA highlighted Vedanta's diversified product portfolio and a healthy market share while assigning the rating, the company said. A1+ is the highest rating in a scale of ratings provided by the credit rating agency for such instruments. "ICRA Ltd...has assigned ICRA A1+ Rating on commercial paper," Vedanta said in a filing to the BSE. Similarly, the credit rating agency has also assigned an ICRA AA- rating to Vedanta's long-term bank loans, it said. The mining major has proposed a vertical split of the businesses and is expected to list five entities on the stock exchanges by the end of this year.