Vedanta dips 3% after promoters announce open offer at Rs 160 per share

As the offer is below the market price, it is likely to have a negative impact on the stock, anakysts said

Shares of Vedanta dipped 3 per cent to Rs 175 on the BSE on Monday after the company’s promoter group launched open offer to buy 10 per cent stake in the company at price of Rs 160 per share.

Vedanta promoters announced an open offer for acquisition of up to 371.75 million equity shares, representing 10 per cent of fully diluted voting share capital of Vedanta, from the public shareholders by Vedanta Resources together with Twin Star Holdings, Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II (the promoter group & person acting in concern).

Vedanta Resourses would come