Vedanta firms up on winning gold mine block in Chhattisgarh

Vedanta has emerged as the successful bidder for the Baghmara Gold block in the State of Chhattisgarh

Shares of Vedanta were up over 3% at Rs 73 on the Bombay Stock Exchange after the company said that it has emerged as the successful bidder for a gold mine block in the State of Chhattisgarh.

The company in a release said that it has participated in the forward auction for the Baghmara Gold block in the State of Chhattisgarh on February 26, 2016 after being technically qualified in an e-auction has been declared as the successful bidder for Gold Mines at royalty @12.55% value of mineral despatched.

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The winning bidder has to submit a performance bank guarantee of Rs 1.60 crore and invest in exploration. The block requires extensive exploration and the process will commence in due course,the release added.

The stock opened at Rs 71 and touched a high of Rs 74. At 1pm, over 11.8 million shares were traded on both the stock exchanges.