Vedanta promotor hikes open offer price to Rs 235 per share

Vedanta said that its promoter Vedanta Resources has announced a revised open offer price of Rs 235 per share for buying shares of the company.

The company's promoter has increased the open offer size to 65.10 crore equity shares representing 17.51% voting share capital of Vedanta. The total funding requirement for the open offer, assuming full acceptance, would be Rs 15,298.5 crore.

The open offer will begin on 23 March 2021 and will close on 7 April 2021.

As on 31 December 2020, the promoter & promoter group held 55.11% stake in Vedanta. The promoters had acquired shares of the company during the third quarter to up their stake from 50.14% as on 30 September 2020.

Post the successful completion of the open offer, promoter's stake in the company would rise to 72.62%.

Earlier in January 2021, Vedanta Resources had offered to buy up to 10% in Vedanta at Rs 160 a share, which was lower than the market price.

Last year in October, Vedanta Resources had failed to garner the required number of shares from its minority shareholders for Vedanta's voluntary delisting. The promoters sought to buy out 169.73 crore shares or 47.67% stake held by the public to delist the firm at the offer price of Rs 87.50 per share.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa, Namibia, and Australia.

The company reported 58.5% jump in consolidated net profit to Rs 4,224 crore on a 6.5% rise in net sales to Rs 22,498 crore in Q3 FY21 over Q3 FY20.

The scrip shed 0.58% to Rs 223.40 apiece on the BSE. It traded in the range of 222.25 and 226.35 so far during the day.

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