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Mining conglomerate Vedanta Ltd has launched its qualified institutional placement (QIP) issue at a floor price of Rs 461.26 apiece.

The move aims to reduce debt and fulfil 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 on 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 the BSE.

In May, the company’s board had given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders.

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Vedanta going ahead with demerger of businesses: Anil Agarwal

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 $3-billion debt over the next three years, a senior official had earlier said at an analyst meeting.

Vedanta has a unique portfolio of assets among Indian and global companies with metals and minerals—zinc, silver, lead, aluminium, chromium, copper, nickel; oil and gas; a traditional ferrous vertical, including iron ore and steel; and power, including coal and renewable energy. It is now foraying into the manufacturing of semiconductors and display glass.

The company’s gross debt stood at Rs 71,759 crore as of March 31, 2024.