Vedanta Promoters to buy 4.6% stake in Block Deal
- ByStartupStory | November 23, 2021
Twin Star Holding’s and Vedanta Netherlands Investment’s BV the two promoters of Vedanta Groups plans to buy around 17 crore shares that accounts to 4.57% stake in a block deal. The offer is priced at Rs 350 per share, valuing the transaction at Rs 5950 crore. Broker to the promoters, JP Morgan Pvt. will broker the deal through the accelerated book building method.
The mining conglomerate led by Anil Agarwal appointed advisors to evaluate its options and unlock value along with simplifying its corporate structure. Aluminium, Oil and gas , Iron and steel units are to be housed in standalone listed entity.
Vedanta Resources in January, offered to buy 10% stake in Vedanta at Rs 160 per share. It again raised its offer price to Rs 235 per share to acquire 17.5% stake after a period of two months. The offer to acquire 17.5% stake in Vedanta was subscribed 57.5% by the final day of bidding.
The corporate restructuring efforts came after a large number of unconfirmed bids and technical glitches disturbed the tender process which led to the delisting offer in October 2020 to ultimately fail. The offer was made by Vedanta Resources Ltd. and two promoter entities. Currently, Vedanta promoters holds 65.2% stake in the company.
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