With all conditions met, Vedanta will now apply to have its share delisted from the London Stock Exchange with effect on October 1.
Mining mogul Anil Agarwal’s Volcan Investments Ltd announced on Monday that it is set to delist Vedanta Resources from the London Stock Exchange on October 1 after a successful buyout of the company’s shares.
Volcan, controlled by Agarwal as Executive Chairman, already owns nearly 67 per cent in Vedanta Resources.
It said on Monday that its cash offer for the FTSE 250 mining company had become “unconditional in all respects” after Agarwal offered USD 10.89 per Vedanta share, equivalent to approximately 825 pence.
The offer valued Vedanta in total at around USD 3.07 billion, and the stake Volcan is now buying is worth around USD 1.03 billion. With all conditions met, Vedanta will now apply to have its share delisted from the London Stock Exchange with effect on October 1, the company said.
Volcan Investments now holds or has received acceptances for 92.31 per cent of Vedanta’s shares.
“Volcan Investments further announces that the Offer will remain open until further notice. In accordance with Rule 31.2 of the Code, at least 14 days’ notice will be given before the Offer is closed for further acceptance,” it said.
“As set out in the Offer Document, now that the Offer has become unconditional in all respects and the Reduced Acceptance Condition has been satisfied, Volcan Investments intends to procure that Vedanta Resources will apply to the London Stock Exchange and the UKLA to cancel the admission of Vedanta Shares to trading on the London Stock Exchange’s Main Market for listed securities and the admission to listing of Vedanta Shares on the premium listing segment of the Official List, respectively,” it said.
“The cancellation of listing and admission to trading is anticipated to take effect on October 1, 2018 being 20 business days from the date of this announcement,” it added.
Vedanta Resources was the first Indian company to list in London in 2003 in a USD 644 million offering.
In July, Agarwal had unveiled the company’s delisting plans from the London Stock Exchange, saying it no longer sees the London listing as necessary to access capital.