Anil Aggarwal-led Vedanta Ltd raised around Rs 100 crore through Qualified Institutional Placement (QIP), Offer for Sale (OFS) and dividend to reduce debt and boost growth. 30,000 crore special scheme has been prepared.
This money will be in the form of a kind of fund. Sources said that Vedanta Ltd's Rs. 8,500 crore QIP, Rs. 3,200 crore OFS and Rs. 5,100 crore including a second interim dividend of Rs. 13,000 crore from the current cash reserves of Rs. 30,000 crore will come and the fund will be ready.
An analyst said Vedanta could use the funds to rapidly grow its balance sheet, improve its capital structure and develop its turnaround projects.
This will pave the way for it to achieve its near-term EBITDA (earnings before tax) target of $10 billion and take advantage of expansion opportunities.
Vedanta continues to post strong quarterly numbers. Vedanta's net profit rose 54 percent year-on-year in the first quarter of the current fiscal, while it more than doubled quarter-on-quarter to Rs. 5,095 crores.
The company recorded the highest ever production of alumina at Lanjigarh and metal production at the Zinc India unit. It reduced the total cost of production by 20 percent due to structural changes and other initiatives.
As of June 2024, the mining giant's debt stood at Rs 61,300 crore. Proceeds from private placement of non-convertible debentures and sale of promoter stake between February and June will also contribute to group-level debt reduction in the near term.
According to sources, the combination of strategic stake sale, debt reduction and optimized operational efficiency indicates that Vedanta's move towards reducing debt and generating free cash flow is in the right direction.
Apart from this, the proposed division of business into separate companies and transformational projects are expected to help the company continue this trend. The company's ongoing investment in these projects will help increase the volume, integration and range of value-added products in the business.
Shares of both the listed companies of the Vedanta Group saw a surge on Monday. Shares of Vedanta Ltd rose 3 percent on Monday. After which the shares of the company closed at 463 rupees. During the trading session, the company's share was also Rs. 465.95 touched the day's high. While the shares of the company opened at Rs.452.35.
On the other hand, the share of Hindustan Zinc has also seen an increase. According to the information, the shares of the company have seen an increase of 2.78 percent and the share of the company is Rs. 528.20 has been reached. However, the shares of the company also traded during the trading session at Rs. 528.80 was reached. However, today the shares of the company opened with a jump of Rs.517.35.
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