Cyril Amarchand Mangaldas has advised mining giant Vedanta on the qualified institutions placement (QIP) of its equity shares worth 85 billion rupees ($1 billion). Khaitan & Co and Linklaters advised the bookrunning lead managers (BRLMs).
This is the largest QIP this year and the largest equity raise through a QIP route in India’s metals and mining sector. The QIP was subscribed nearly three times, with the allotment being completed on July 20.
The BRLMs comprised Citigroup Global Markets India, JM Financial and Nuvama Wealth Management.
The company plans to use the proceeds from the QIP to reduce debt and meet certain capital requirements.
The CAM capital markets team advising Vedanta was led by senior partner Yash Ashar, and included senior associate Sanjana Ravjiani and associates Harshvardhan Lahiri, Arikta Shetty, Devansh Raheja, Hitesh Nagpal, and Zeb Burk.
Khaitan’s team representing the BRLMs included executive director Sudhir Bassi, partners Madhur Kohli and Vaibhav Mittal, senior associate Ritika Khare, and associates Bhavna Sancheti, Kaisha Malhotra, Saisha Bacha, Vanshika Singh, and Sairandhri Navale.
