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In a presentation of the stock exchange at dusk, billionaire Anil Agarwal’s company announced the decision of its parent, Vedanta Resources.
Promoters’ stake in the company was 50.14 percent, while public shareholders had 49.46 percent according to participation data from the end of March.
Vedanta will offer Rs 87.5 per share to almost 49 percent of public shareholders. The offer price was set at a 9.9 percent premium to Monday’s closing price of Rs 79, but did not reach Tuesday’s closing price of Rs 89.30.
In the presentation, Vedanta said that the promoter group Vedanta Resources (VRL) has expressed its intention to, individually or together with one or more subsidiaries, acquire all of the company’s fully paid shares from the company’s public shareholders. .
“VRL has informed us of its willingness to accept the company’s shares offered by public shareholders in the foreclosure offer at a price of Rs 87.5 per share, representing a premium of 9.9% over the price of closing market of 79.6 rupees. like May 11, 2020 on BSE and NSE, “the company said in a BSE file.
Ahead of the announcement, Vedanta shares closed 12.2 percent higher at Rs 89.30 on BSE, in a weak Mumbai market.
Previously, in July 2018, Agarwal had submitted plans to remove the Vedanta Resources listing from the London Stock Exchange to try to simplify the company’s structure. He successfully completed the purchase in October of that year. It was the first Indian company to list in London in 2003 in a bid of $ 644 million.
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