Vedanta Ltd’s promoters on Saturday announced an open offer for up to 37.2 cr shares of the company at ₹160 per share, which amounts to 12% discount to current market price.
The current open offer represents 10% equity stake in the company.
On Friday, the company’s stock on NSE closed 3.5% lower at ₹178.85.
“Voluntary open offer for acquisition of up to 371,750,500 (Three Hundred and Seventy One Million Seven Hundred Fifty Thousand Five Hundred) Equity Shares (as defined below), representing 10% of the fully diluted voting share capital of Vedanta Limited (“Target Company”) from the Public Shareholders (as defined below) by Vedanta Resources Limited (“Acquirer”) together with Twin Star Holdings Limited (“PAC 1″), Vedanta Holdings Mauritius Limited (“PAC 2″) and Vedanta Holdings Mauritius II Limited (“PAC 3″ together with PAC 1 and PAC 2 to be referred as “PACs”), in their capacity as the persons acting in concert with the Acquirer. This public announcement (“Public Announcement” or “PA”) is being issued by J.P. Morgan India Private Limited, the manager to the Offer,” the company said in a stock exchange filing.