Vedanta said to weigh $1 billion share sale as soon as June

Vedanta is working with advisers including Axis Bank Ltd. subsidiary Axis Capital and Citigroup Inc. on the offering, the people said.

Anil Agarwal’s is considering a share sale as soon as the coming weeks that could raise as much as 85 billion rupees ($1 billion), people with knowledge of the matter said.

Vedanta is working with advisers including subsidiary Axis Capital and on the offering, the people said. It has started gauging interest from potential investors including , according to the people, who asked not to be identified because the information is private.

Shares of have gained 78% this year, giving the company a of about $20.6 billion.

Vedanta may raise the funds through a type of share sale known as a , once approved to do so by shareholders, the people said. It is discussing whether to launch the deal soon to take advantage of the Indian , though the timeline could change, the people said. The has climbed almost 20% over the past seven months.

Details of the potential fundraising could change and there’s no certainty that Vedanta will proceed with a deal.

A Citi spokesperson declined to comment. and Vedanta didn’t immediately respond to emailed requests for comment.

Source: Stocks-Markets-Economic Times