Mining Major Vedanta to take Firm Private
Anil Agarwal, Founder & Chairman, Vedanta Resources has unveiled a Rs 16,200 crore plan to buy the 49% public stake in his mining major Vedanta Ltd to take the listed company private. Vedanta informed the market regulator that the company will offer Rs 87.5 per share to purchase 185 crore shares of 49% minority stake in the company.
The Group believes that a delisting of Vedanta Ltd is the next logical step in this simplification process and will provide the Group with enhanced operational and financial flexibility in a capital intensive business. Vedanta Group maintains its strategic priority of attaining leadership in diversified natural resources, underpinned by growth, while maintaining a flexible capital structure.