Vedanta ups open offer price to Rs 235 per share

New Delhi, March 17 (IANS) Vedanta Resources has launched an open offer for the shareholders of Vedanta Limited at a price of Rs 235 per share, 4 per cent higher than the current price. The total consideration for the offer is Rs 15,300 crore.
There is an Increase in offer size to 651 million equity shares representing 17.51 per cent voting share capital of Vedanta Limited and an increase in offer price to Rs 235 per share. The tendering period is from March 23 to April 7.
Earlier in January, Vedanta Resources had offered to buy up to 10 per cent in Vedanta Ltd at Rs 160 a share, which was lower than the market price. The shareholding of Vedanta Resources will increase from the current 55.1 per cent to 72.6 per cent post the transaction.
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 a share.
Anil Agarwal’s Vedanta Limited had announced in October last year that its delisting offer had failed due to the requisite number of shares not being offered by the shareholders.
Vedanta’s delisting offer is deemed to have failed in terms of the delisting regulations, the company announced.
Vedanta said that 125.47 crore shares were validly tendered by public shareholders. The reverse book building process for public shareholders had concluded on Friday.
For successful delisting of the shares, 134.12 crore shares are needed to have been validly tendered for the promoter shareholding to cross the 90 per cent shareholding.

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