Billionaire Anil Agarwal-led Vedanta Resources plc will delist from the London Stock Exchange after promoter group made a cash offer to buy out about 33% of the public shareholding in the company.
Volcan, the investment arm of Agarwal family, made an offer to buy public float at a price of 825 pence per share, 27.6 % higher than closing of 647 pence on June 29, the company said in a filing to the London Stock Exchange.
Agarwal said, “In taking this important step towards greater group simplification, we wanted to ensure that the independent shareholders of Vedanta Resources Plc were provided with the opportunity to exit on attractive terms, and I believe this possible offer will deliver on that objective”.
Vedanta was one of the first Indian companies to be listed on the London stock Exchange in 2003.
