On Tuesday, billionaire Anil Agarwal announced his intention to take his Indian listed Mining major firm Vedanta Ltd private by buying out shares held by the public.
According to the March-end shareholding data, promoter holding in the company was at 50.14 per cent, while public shareholders were 49.46 per cent .
Vedanta Resources will offer Rs 87.5 per share to just about 49 per cent public shareholders of Vedanta Ltd. This offer price was fixed at a 9.9 per cent premium to Monday’s closing price of Rs 79 but fell on Tuesday’s closing price of Rs 89.30.
In a regulatory filing, Vedanta Ltd. said that the promoter group has expressed its purpose to accumulate all fully paid-up equity shares of the corporate that are held by the general public shareholders of the corporate . They can acquire it either individually or along with one or more subsidiaries.
VRL along side the opposite promoter groups currently holds 51.06 per cent equity of the corporate while the general public shareholders hold 169.10 crores or 48.94 per cent of shares of the company.
“VRL has informed us of their willingness to simply accept the Equity Shares of the corporate tendered by the general public Shareholders within the Delisting Offer for Rs 87.5 per Equity Share which represents a premium of 9.9 per cent over the closing market price of Rs 79.6 as on May 11, 2020,” it said.
Earlier, in July 2018, Anil Agarwal had disclosed his plans to delist Vedanta Resources from the London Stock Exchange in order to try and simplify the company’s structure.
He completed the purchase of a controlling share in a company successfully in October 2018.
However, Vedanta resources Ltd. was the first Indian company to list in London in 2003 in a $644 million offer.