Vedantas open offer for Sesa Goa on June 21

Mumbai, Apr 27 | Updated: Apr 28 2007, 08:28am hrs
Anil Agarwal promoted Vedanta Resources Plc on Friday made an open offer to the shareholders of Indias largest private iron ore exporter Sesa Goa for acquiring a 20% stake in the company for Rs 2,036 per share payable in cash, up to a maximum of Rs 1,603.05 crore.

The offer was made by the two wholly owned subsidiaries of Vedanta ResourcesWestglobe Ltd, Mauritius and Richter Holding Ltd, Cyprusin compliance with Securities and Exchange Board of India (Sebi) regulations. Shares of Sesa Goa closed at Rs 1,763. 35, marginally down by Rs 4.15 (0.23%) on the Bombay Stock Exchange (BSE) on Friday.

The mandatory open offer was inevitable after the London-based metals giant acquired Japanese firm Mitsui & Cos 51% stake in Sesa Goa for $981 million (Rs 4,070 crore) earlier this week.

The company has made an open offer to acquire up to 78,72,404 equity shares representing 20% stake in the equity share of Sesa Goa.

The offer will open on June 21 and continue till July 10. Vedanta Resources clinched the deal pipping bidders like Arcelor-Mittal and the Aditya Birla Group, who were also in the fray.