Vedanta promoter buys 4.98% stake in Indian unit
The details of the institutional shareholder sellers were not disclosed. reuters
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Vedanta Resources Ltd, the promoter entity of billionaire Anil Agarwal’s Vedanta Ltd, on Thursday bought 185 million shares or a 4.98% stake in the company for ₹2,959 crore from the company’s institutional shareholders, according to bulk deal data available on the exchange.
This purchase will take the shareholding of Vedanta Resources to 55.1%. As on 30 September, promoters held 50.13% in the company. Promoters are allowed to acquire up to 5% a year through creeping acquisition without triggering an open offer, according to Securities and Exchange Board of India norms.
Anil Agarwal buys 4.98% stake in Vedanta for Rs2,959 crore
Anil Agarwal
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MUMBAI :
Vedanta Resources Ltd, the promoter entity of Billionaire Anil Agarwal’s Vedanta Ltd on Thursday bought 185 million shares or 4.98% equity stake of the company for Rs2959 crore from institutional shareholders of the company, according to the bulk deal data available on the exchange.
With this purchase, Vedanta Resources shareholding in the company will increase to 55.1%. As on 30 September, promoters held 50.13% in the company. As per Sebi norms, promoters are allowed to acquire up to 5% a year through creeping acquisition without triggering an open offer.
Vedanta Shares Surge 13% To Hit 52-week High moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
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After failing to delist the company through reverse book-building offer, Anil Agarwal-owned Vedanta plans to acquire 4.98 per cent shares between ₹150.45 and ₹160 a share through a block deal on Thursday.
JP Morgan India will act as the broker to the promoters’ company Vedanta Holdings Mauritius. The company will acquire 1.8 crore shares.
The offer price is at 6.3 per cent premium over the closing price of ₹150 on Wednesday. The share of the company, which had hit the lower circuit of ₹132.65 on Monday, has gained 8 per cent on Wednesday. As per SEBI norms, promoters are allowed to acquire up to 5 per cent a year through creeping acquisition.