Vedanta Resources Launches Open Offer for 10% of India Unit
Vedanta Resources launched an open offer for a 10% stake in its India unit, two months after a failed delisting attempt for Vedanta Ltd.
The London-based parent of Mumbai-listed Vedanta Ltd. will buy as many as 371.75 million shares, comprising 10% of the outstanding equity of the Indian unit, according to an exchange filing Saturday.
The open offer, which will be managed by JPMorgan Chase & Co.’s India unit, will be a voluntary open offer, with no minimum level of acceptance by Vedanta, according to the filing. If Vedanta Ltd. holders were to accept share tenders for the entire 10%, the consideration for the deal would be 59.48 billion rupees ($812 million).
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