Vedanta shares climb on Rs 8,500 crore fundraising plan, dividend

Shares of Vedanta Ltd climbed over 2 per cent in Friday's trade after the Anil Agarwal-led company said its board has approved fundraising to the tune of Rs 8,500 crore and that a decision on the fundraise structure would be taken soon. The stock also gained as the metals & mining giant announced a Rs 11 per share interim dividend for the first quarter of FY25. 

In addition, Vedanta has announced investments in Vedanta Copper International VCI Company Limited for setting up of Continuous Cast Copper Rod Plant – in Kingdom of Saudi Arabia.

"This is in furtherance to our letter no. VEDL/Sec./SE/23-24/147 dated November 15, 2023. VCI is in the process of establishing a state-of-the-art copper rod manufacturing facility with a projected capacity of 125 KTPA in KSA, which will enable the Company to explore more growth opportunities in new geographies. Post the investment, VCI shall become a direct wholly owned subsidiary of the company," Vedanta said on Thursday post market hours.

Following the development, the stock rose 2.14 per cent to hit a high of Rs 442.45 on BSE. The Vedanta Resources arm hit a 52-week high of Rs 448.95 on May 15.