London-based Vedanta Resources Ltd (VRL) has raised its stake in its India listed unit, Vedanta to 55.11% by buying from open market shares worth Rs 2,959 crore.
VRL bought 18.5 crore shares at a price of Rs 159.94 per share, the company said in a statement on its website. It made the purchase through block deals. The purchase of shares in the open market helped the firm raise its stake in Vedanta Ltd to 55.11% from the current 50.13%. The move comes weeks after the firm's failed attempt to delist Vedanta Ltd from Indian stock exchanges.
The delisting failed due to an insufficient number of shares being offered in the buyback proposal of VRL. "This is in line with our stated strategic priority for simplifying the group structure to align the group's capital and operational structures, streamline the process of servicing the Group's financing obligations and improve a range of important credit metrics," it said. The simplification may involve other share acquisitions, the company said.
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