Vedanta s plan to appoint directors fails to get institutional investors nod thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Our Bureau
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.