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BUSINESS

Billionaire Anil Agrawal’s Vedanta Jumps Over 9%

Billionaire Anil Agarwal’s Vedanta rose more than 9 per cent on Thursday after reports said parent Vedanta Resources, which failed to garner the required number of shares to delist its Indian arm Vedanta in October, will buy up to 5 per cent stake on Thursday through block deals.
At 11:42 am, Vedanta was up 9.11 per cent or Rs 13.70 at Rs 164.15 with a volume of 22,83,49,258 on the NSE, while benchmark Sensex climbed 0.46 per cent to 46658.00 points.
Promoters have fixed the price range between Rs 150 and Rs 160 per share for the offer. With this transaction, the promoter’s stake in the company will likely increase from 50.14 per cent to 55.04 per cent.
As per SEBI norms, promoters are allowed to acquire up to 5 per cent a year through creeping acquisition.
The stock has witnessed strong momentum in recent times and is up nearly 42 per cent over the last one month.

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