Vedanta Resources promoters to open offer for 10pc in Indian unit
Vedanta Resources promoters to open offer for 10pc in Indian unit
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Anil Agarwal-led Vedanta Resources Plc launched an open offer for a 10 pc stake in its India unit, two months after a failed delisting attempt for Vedanta Ltd.

The parent has offered to buy up to 37.17 crore shares from public shareholders of Vedanta at Rs 160 apiece, says an exchange filing. If successful, that will cost Rs 5,948 crore. The price announced on Sunday is a 12 pc discount to Friday's closing of Rs 182.05. Vedanta shares were nearly 3 pc down on Monday and were trading around Rs 179 at 15.00 Hrs.

In October last year, Vedanta Resources had failed to garner the required number of shares to delist its Indian arm at the offer price of Rs 87.5 apiece. Last month, promoters had increased their stake from 50.14 pc to 55.04 pc through block deals totalling Rs 2,959 crore. Promoters holding more than 25 pc but less than 75 pc shares can buy up to 5 pc through creeping acquisition in one financial year.

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