You are here: Home » Companies » News
Business Standard

Anil Agarwal faces shareholder resistance to $1 billion Vedanta bid

Vedanta announced that its independent board directors were prepared to back an 825 pence-a-share bid from Agarwal's family trust, Volcan, to acquire the 33.5 per cent of the company

Reuters  |  London 

Billionaire Anil Agarwal faces investor resistance to his $1 billion bid to buy out minority shareholders in Vedanta Resources and take the London-listed Indian miner private. Vedanta, chaired by its 64-year-old founder Agarwal, on Monday announced that its independent board directors were prepared to back an 825 pence-a-share bid from Agarwal's family trust, Volcan, to acquire the 33.5 per cent of the company that it does not already own and delist the group. Under the proposal, Volcan would spend 778 million pounds ($1 billion) buying out minority investors in a deal which ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, July 03 2018. 23:30 IST
RECOMMENDED FOR YOU