Vedanta’s Open Offer Gets 58% Bids
Vedanta Resources Plc’s open offer to take India-listed Vedanta Ltd. private received bids for 57.5% of the shares held by investors by the end of the final day.
Investors offered 37.42 crore shares compared with 65.1 crore that Vedanta Resources planned to buy back, according to its exchange filing. Launched on March 23, the offer closed on April 7.
Foreign institutional investors: 20.83 crore shares
Domestic Financial Institutions: 20.14 lakh shares
Mutual Funds: 6.38 crore shares
Non-institutional investors: 76.39 lakh shares
Retail investors: 1.60 crore shares
In January, Vedanta Resources had offered to buy up to 10% in Vedanta at Rs 160 apiece. In March, it raised the offer price to Rs 235 per share and the offer size to 65.1 crore shares representing 17.5% stake in Vedanta.
The company’s earlier delisting plan failed in October as the metals to mining company received confirmed bids for 126 crore shares against the required 134 crore.