Vedanta Resources promoters launch open offer for 10% of India unit

Vedanta Resources launched an open offer for a 10% stake in its India unit, two months after a failed delisting attempt for Vedanta Ltd.

The London-based parent of Mumbai-listed Vedanta Ltd. will buy as many as 371.75 million shares, comprising 10% of the outstanding equity of the Indian unit, according to an exchange filing Saturday.

The open offer, which will be managed by JPMorgan Chase & Co.’s India unit, will be a voluntary open offer, with no minimum level of acceptance by Vedanta, according to the filing. If Vedanta Ltd. holders were to accept share tenders for the entire 10%, the consideration for the deal would be Rs 5,948 crore ($812 million).