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 to raise $8 bn for BPCL bid
Moody’s Investors Service lowered Vedanta Resources’ credit rating further into junk territory earlier this month.Premium
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Billionaire Anil Agarwal’s Vedanta group plans to raise as much as $8 billion through a mix of debt and equity to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL), two people directly aware of the talks with investors and banks said.
London-based Vedanta Resources Plc has initiated talks with a clutch of banks to tie up the funds, the people said, seeking anonymity as the discussions are private.
Indian miner Vedanta in talks with banks to raise $8b for BPCL bid
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Billionaire Anil Agarwal’s Vedanta group plans to raise as much as $8 billion through a mix of debt and equity to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL), two people directly aware of the talks with investors and banks said.
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