title-bar

Vedanta Resources to delist from London Stock Exchange

By: |
Updated: July 2, 2018 12:58:03 PM

Billionaire Anil Agarwal-led Vedanta Resources plc will delist from the London Stock Exchange after promoter group made a cash offer to buy out about 33 per cent of the public shareholding in the company.

Vedanta Resources plc will delist from the London Stock Exchange after promoter group made a cash offer to buy out about 33 per cent of the public shareholding in the company.

Billionaire Anil Agarwal-led Vedanta Resources plc will delist from the London Stock Exchange after promoter group made a cash offer to buy out about 33 per cent of the public shareholding in the company. Volcan, the investment arm of Agarwal family, made an offer to buy public float at a price of 825 pence per share, 27.6 per cent higher than closing of of 647 pence on June 29, the company said in a filing to the London Stock Exchange.

“In addition to the offer price, shareholders will also be entitled to receive the previously announced dividend of USD 0.41 per Vedanta share in respect of the twelve months ended March 31, 2018, which when taken together with the offer price represents a total value of 856 pence per share,” it said. The move is to simplify the corporate structure of Vedanta and its subsidiaries, it said.

Agarwal said Vedanta was the first Indian company to be listed on the London Stock Exchange in 2003. “The London listing has served us extremely well since that time. However, given the subsequent growth of our underlying businesses and the maturity of the Indian capital markets, together with related feedback from our shareholders and other stakeholders, we have concluded that a separate London listing is no longer necessary to achieve the Vedanta Group’s strategic objectives.”

“In taking this important step towards greater group simplification, we wanted to ensure that the independent shareholders of Vedanta Resources Plc were provided with the opportunity to exit on attractive terms, and I believe this possible offer will deliver on that objective,” he said.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition