Vedanta open offer subscribed just 58% after failed delisting bid

Truman Slate

Around 377 million shares were tendered in the voluntary open offer you introduced in Anil Agarwal-owned Vedanta. After a unsuccessful delisting bid, promoter Vedanta Assets offered to get up to 651 million shares (seventeen.5 for every cent fairness) at Rs 235 apiece from the community shareholders of the business. Nonetheless, it could mop up only fifty eight for every cent of the greatest shares it supposed to get through the open offer you.

Following the open offer you, the promoter keeping in Vedanta is set to rise by 10 for every cent. At the moment, the promoter group holds 55.1 for every cent stake. If the greatest 651 million shares would have received tendered the promoter stake would have elevated to72.6 for every cent.

Of the forty four.6 for every cent stake held by the community, state-owned LIC holds the greatest chunk at 5.6 for every cent. Marketplace players claimed the insurance plan huge may perhaps not have tendered its shares as it experienced quoted a much larger total of Rs 320 in the course of the delisting bid in Oct. Overseas portfolio buyers (FPIs) maintain about sixteen.1 for every cent in the business. Some of whom have claimed to tendered their shares.

Shares of Vedanta closed at Rs 236.nine in the secondary market place. Forward of the open offer you, several shareholders experienced picked up shares from the open market place at a price reduction to income in on the arbitrage opportunity.

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