Vedanta Ltd, India’s metals-to-oil conglomerate, has raised 85 billion rupees ($1.0 billion) through a qualified institutional placement (QIP) that began on July 15 at 440 rupees per share, the company announced on Sunday. The proceeds will be used to reduce debt and meet certain capital requirements.
Owned by billionaire Anil Agarwal, Vedanta is currently working on several projects and aims to raise billions of dollars in funds. Additionally, the company has been declared the “preferred bidder” for nickel and chromium mining rights being auctioned by the Indian government in Karnataka and Bihar, according to an exchange filing on Sunday.