By Staff Reporter
Vedanta commodities tycoon Anil Agarwal’s Vedanta Limited is considering a share sale as soon as the coming weeks that could raise as much US$1 billion people, people with knowledge of the matter have told Bloomberg.
According to the media organisation, Vedanta is working with advisors including Axis Bank subsidiary Axis Capital and Citigroup Inc on the offering, the media organisation quoted sources as saying.
“It has started gauging interest for potential investors including Middle Eastern funds, according to the people who asked not to be identified because the information is private,” Bloomberg quoted sources. “Shares of Vedanta have gained 78% this year, giving the company a market value of about $20.6 billion.”
Bloomberg stated that Vedanta may raise the funds through a type of share sale known as qualified institutional placement once approved to do so by shareholders.
“It is discussing whether to launch the deal soon to take advantage of the Indian equity rally, through the timeline could change,” Bloomberg stated. “The BSE SENSEX has climbed almost 20 percent over the past seven months.
