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Mumbai6 days ago
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Vedanta, one of the country’s leading mining companies, has announced an open offer for 37.2 million shares. It is a 10% stake in the company. The company has fixed a price of Rs 160 per share, which is 12% less than the current market price. On Friday, Vedanta shares closed at Rs 182.05 on the BSE.
Deal can be of 6 thousand crores rupees
The manager of this open offer will be the Indian unit of JP Morgan. In the exchange filing, the company stated that 37.2 million shares included Twin Star Holding in PAC 1 with Vedanta Resource Limited, Vedanta Holding Mauritius Limited in PAC 2 and Vedanta Holding Mauritius Limited in PAC 3. It is believed that if the shareholders approve it, then the deal for Vedanta could be around Rs 5,952 crore.
The company sold one billion dollars of security in December
According to media reports, the company sold $ 1 billion in security on December 10 last year, which was one of Asia’s highest dollar bond yields in 2020. The company said that its plan was to use this amount for a buyback offer of $ 670 million in June 2021.
Delisting failed last year
Earlier, the company increased its stake under block deal from 50.14% to 55.04% in December. At the same time, delisting of mining company Vedanta failed in October. Because the company needed 134 crore shares for this, but only 126 crore shares were bid.