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Vedanta Resources, controlled by Anil Agarwal’s Volcan Investments Ltd announced today that it is set to delist Vedanta Resources from the London Stock Exchange on Oct. 1 after a successful buyout of the company’s shares. Volcan already owns nearly 67 per cent in Vedanta Resources.
The company said that its cash offer for the mining company had become “unconditional in all respects” after they’re offering $10.89 per Vedanta share.”Volcan Investments further announces that the Offer will remain open until further notice. In accordance with Rule 31.2 of the Code, at least 14 days’ notice will be given before the Offer is closed for further acceptance.”
The offer valued Vedanta in total at around $3.07 billion, and the stake Volcan is now buying is worth around $1.03 billion. With all conditions met, Vedanta will now apply to have its share delisted from the London Stock Exchange with effect on Oct. 1, the company said. Volcan Investments now holds or has received acceptances for 92.31 per cent of Vedanta’s shares.
Vedanta Resources, which was the first Indian company to list in London in 2003 in a $644 million offering. In July, Agarwal had unveiled the company’s delisting plans from the London Stock Exchange, saying it no longer sees the London listing as necessary to access capital.
