Vedanta's Anil Agarwal Raises Open Offer Price For India Unit To Rs. 235 A Share

Wednesday, 17 March 2021Newsdesk
Vedanta's Anil Agarwal Raises Open Offer Price For India Unit To Rs. 235 A Share
Anil Agarwal, billionaire founder of the Vedanta Group, has pledged his stake in a cash-rich Indian unit to help sweeten terms for a takeover attempt that's key to his debt-repayment plans. The London-based Vedanta Resources will now seek to buy 17.51 per cent of Mumbai-listed Vedanta at Rs.235 ($3.24) a share, it said in an exchange filing Tuesday. That's up from the previous 10 per cent at Rs.160 a piece.

New Delhi, 17 March 2021

As per news report of NDTV, Vedanta Resources' existing 55 per cent holding in Vedanta is placed as collateral under conditions of a dollar bond sale this month that will go toward partly funding the open offer.

Source -NDTV

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