Vedanta s Anil Agarwal Raises Open Offer Price For India Unit To Rs 235 A Share Vedanta s Anil Agarwal Raises Open Offer Price For India Unit To Rs 235 A Share The London-based Vedanta Resources will now seek to buy 17.51 per cent of Mumbai-listed Vedanta at Rs 235 ($3.24) a share, it said in an exchange filing Tuesday
Vedanta Resources existing 55 per cent holding in Vedanta is placed as collateral
Anil Agarwal, billionaire founder of the Vedanta Group, has pledged his stake in a cash-rich Indian unit to help sweeten terms for a takeover attempt that s key to his debt-repayment plans. The London-based Vedanta Resources will now seek to buy 17.51 per cent of Mumbai-listed Vedanta at Rs 235 ($3.24) a share, it said in an exchange filing Tuesday. That s up from the previous 10 per cent at Rs 160 apiece.
1. PM Modi warns CMs of emerging second peak of Covid, calls for decisive steps At his meeting with chief ministers, Prime Minister Narendra Modi on Wednesday expressed concern over rising coronavirus cases in the some states and called for quick and decisive steps . India s fight against Covid is being cited as an example in world, our recovery rate is over 96% and fatality rate among the lowest, Modi told chief ministers.
2. Govt favours retaining RBI s 2%-6% inflation band: Report India’s government is likely to leave the inflation targeting band for its central bank unchanged, according to people familiar with the matter, while policy makers remain focused on rising prices amid the rebound from the pandemic.
Anil Agarwal, billionaire founder of the Vedanta Group, has pledged his stake in a cash-rich Indian unit to help sweeten terms for a takeover attempt that’s key to his debt-repayment plans. London-based Vedanta Resources Ltd. will now seek to buy 17.51% of Mumbai-listed Vedanta Ltd. at 235 rupees ($3.24) a share, it said in an exchange filing Tuesday. That’s up from the previous 10% at 160 rupees apiece. Vedanta Resources’s existing 55% holding in Vedanta Ltd. is placed as collateral under conditions of a dollar bond sale this month that will go toward partly funding the open offer. The revised offer represents a small premium to Tuesday’s 226.5 rupees closing price and a successful transaction will take Agarwal closer to full control of Vedanta Ltd. Shareholders had already rejected one takeover bid by Agarwal, whose personal holding company has amassed about $7 billion of debt that could be pared with the help of Vedanta Ltd.’s cash-rich balance sheet.
Anil Agarwal pledges stake to sweeten deal for Vedanta Ltd
If Vedanta were to accept bids for the entire 651 million shares, the consideration for the deal would be about Rs153 billion versus Rs59.48 billion expected in the January offer.
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. Updated: 17 Mar 2021, 11:22 AM IST Bloomberg
London-based Vedanta Resources Ltd. will now seek to buy 17.51% of Mumbai-listed Vedanta Ltd. at Rs235 a share
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Anil Agarwal, billionaire founder of the Vedanta Group, has pledged his stake in a cash-rich Indian unit to help sweeten terms for a takeover attempt that’s key to his debt-repayment plans.