Anil Agarwal to take Vedanta Resources private on Oct 1

Mining mogul Anil Agarwal-led Vedanta Resources looks to delist from London Stock Exchange on October 1, after the holders of 26 per cent of shares have agreed to sell their stake to his family trust Volcan Investments, as per a regulatory filing.

"The board of directors of Volcan Investments Ltd (Volcan Investments) is pleased to announce that the recommended cash offer by Volcan Investments for Vedanta Resources Plc has become unconditional in all respects," Volcan Investments said in a regulatory filing to the London Stock Exchange Monday.

Volcan is a holding company wholly owned by Agarwal's discretionary trust.

"Volcan Investments intends to procure that Vedanta Resources will apply to the London Stock Exchange and the UKLA (UK Listing Authority) to cancel the admission of Vedanta shares to trading on the London Stock Exchange's main market for listed securities and the admission to listing of Vedanta shares on the premium listing segment of the official List, respectively. This delisting is expected to occur on 1 October 2018," it said.

Agarwal is also Anglo American's biggest shareholder with a nearly 20 per cent stake through Volcan.

"The offer was made on August 3, 2018 for the remaining issued and to be issued share capital of Vedanta Resources not currently owned by Volcan Investments," the filing said.

The company had earlier said that Agarwal plans to delist his flagship firm Vedanta Resources Plc from the London Stock Exchange after buying out 33.5 per cent of non-promoter shareholders for about USD 1 billion.

Volcan Investments, which currently holds 66.53 per cent of Vedanta, had made a cash offer for 825 pence a share, a 14 per cent premium to the company's three-month volume weighted average price.

Vedanta Resources in a statement had said it will recommend acceptance of the offer by the shareholders, who would also be entitled to a previously announced dividend of USD 0.41 per share.