Vedanta: Company won bids for nickel, chromium and PGE blocks
Vedanta has been declared the Preferred Bidder for two important mining blocks Gollarahatti-Mallenahalli Nickel Chromium & PGE Block and Jenjana Nickel, Chromium & PGE Block. The company said in a press statement on July 21 that it had acquired these blocks with the highest final price offers of 15.00 per cent and 6.05 per cent.
Gollarahatti-Mallenahalli block located in Karnataka is spread over an area of 1238.122 hectares and is at the G4 level of exploration. Jenzana block located in Bihar is spread over an area of 788.85 hectares and is at the G3 level of exploration.
The Ministry of Mines had invited tenders for these blocks as part of the Tranche III auction announced on February 29, 2024, and March 14, 2024. Vedanta participated in the live e-auction and emerged as the preferred bidder for both the blocks.
Rs 8,500 crore raised from QIP
The company had informed the stock exchange that Vedanta Limited has raised Rs 8,500 crore through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. The issue, which closed on July 19, was at a 4.61 percent discount on the floor price of Rs 461.26 per equity share.
