Anil Agarwal’s Vedanta Ltd. is considering a share sale as soon as the coming weeks that could raise as much as ₹8,500 crore, people with knowledge of the matter said. 

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

Shares of Vedanta have risen 78 per cent this year, giving the company a market value of about ₹2,05,000 crore . The stock rose as much as 2.7 per cent Tuesday morning before paring gains.  

Vedanta may raise the funds through a type of share sale known as a qualified institutional placement, once approved to do so by shareholders, the people said. It is discussing whether to launch the deal soon to take advantage of the country’s equity rally, though the timeline could change, the people said. The BSE Sensex has climbed almost 20 per cent over the past seven months. Details of the potential fundraising could change and there’s no certainty that Vedanta will proceed with a deal.

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