Vedanta's Promoters To Buy 4.6% Stake In Block Deal

                          

Vedanta's Promoters To Buy 4.6% Stake In Block Deal

Vedanta Ltd.’s promoters plan to buy a stake in the mining conglomerate barely a week after it said it’s exploring options to simplify its corporate structure. Twin Star Holdings and Vedanta Netherlands Investments B.V will buy around 17 crore shares amounting to a 4.57% stake in a block deal, according to filings for qualified institutional buyers. 

The offer is priced at Rs 350 per share—a 6.6% premium to the share’s closing price on Monday—valuing the transaction at Rs 5,950 crore. The deal will take place through the accelerated book-building method, with JP Morgan India Pvt. serving as a broker to the promoters. The Anil Agarwal-led mining conglomerate said last week it has appointed advisers to assist it in evaluating options, including demerger, spinoff, and strategic partnerships, to unlock value and simplify the corporate structure. 

The metals to mining group intended to house its aluminum, iron and steel, oil and gas units in standalone listed entities. The company’s board and advisers will complete their evaluation and suggest steps soon.

The corporate restructuring efforts came a year after Vedanta’s delisting offer in October 2020 failed when it received a large number of unconfirmed bids and technical glitches marred the tender process. The delisting offer was made by parent Vedanta Resources Ltd. along with two other promoter entities. In January this year, Anil Agarwal-controlled Vedanta Resources offered to buy up to a 10%  stake in Vedanta at Rs 160 per share. 

Two months later, it raised the offer price to Rs 235 per share and the offered size to 17.5% stake after shares of Vedanta rallied sharply following the sharp run-up in global commodity prices. In April, Vedanta Resources’ bid to buy back a portion of shares in Vedanta received a tepid response from investors. The voluntary open offer to acquire a 17.5% stake in Vedanta was subscribed 57.5% by the final day of bidding. 

Shareholding Pattern According to Vedanta’s shareholding pattern for September available on the exchanges, Vedanta promoters hold a 65.2% stake in the company, followed by a 34.5% stake held by the public. Shares of Vedanta closed 6.2% higher on Monday ahead of the deal announcement.

In Hindi Article:- https://akbnews01.blogspot.com/2021/11/46_23.html

YOUTUBE LINK:- https://www.youtube.com/channel/UCZ-fNQYuvePn3GctNsoSuOA

This was today's Top news, like and subscribe to our channel AKB news and follow our blog to know more about such top Bokaro news.

AKB News,

thank you

#AKBNEWS   #AKBHEADLINES  #aluminum  #EV  #STOCK    #BLOCK

#STAKE  #  #Vedanta  #PROMOTERS