Vedanta sets Rs 30,000 cr war chest to pursue further deleveraging, growth

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Vedanta sets Rs 30,000 cr war chest to pursue further deleveraging, growth - Business Standard

Quick Summary:

Anil Agarwal-led Vedanta Ltd has prepared a war chest of Rs 30,000 crore with recent funds raised through a qualified institutional placement (QIP), offer for sale (OFS) and dividend to pursue further deleveraging and growth, sources said.

Proceeds from the Rs 8,500-crore QIP of Vedanta Ltd, HZL's OFS of Rs 3,200 crore, and Rs 5,100 crore from the second interim dividend, coupled with existing cash reserves of Rs 13,000 crore, will lead to the creation of a Rs 30,000-crore war chest after the company receives all the funds, sources said.

Vedanta may deploy this war chest for accelerated deleveraging of its balance sheet, improving capital structure, development of its transformational projects paving the way for its near-term USD 10-billion dollar EBITDA target and pursuing inorganic opportunities, an analyst said.