Anil Agarwal, billionaire founder of the Vedanta Resources has raised the open offer price for buying shares in its flagship Indian firm to Rs 235 per share.
Which is nearly 4% higher than the current trading price and substantially higher than the previous offer price.
Earlier Price
In January, Vedanta Resources had offered to buy up to 10% in Vedanta Ltd. at Rs 160 apiece.
Now on Tuesday, it raised the offer price to Rs 235 per share and offer size to 65.1 crore shares representing 17.5% stake in Vedanta Ltd
About its open offer
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.
Open offer date
The open offer starts on March 23 and closes on April 7, the company statement said.
Total worth of deal
If Vedanta were to accept bids for the entire 651 million shares, the consideration for the deal would be about Rs 153 billion versus Rs 59.48 billion expected in the January offer.
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