The offer is subject to regulatory approvals, if any
Voluntary open offer for Vedanta. (Credit: Free-Photos from Pixabay)
Vedanta Resources Limited (VRL), along with persons acting in concert with it (PACs), today issued a public announcement for a voluntary open offer in accordance with Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended (SEBI (SAST) Regulations, 2011), for the acquisition of up to 371,750,500 equity shares, representing 10% of the fully diluted voting share capital of Vedanta Limited (VEDL) at a price of INR 160 per equity share. The offer is subject to regulatory approvals, if any. A detailed public statement and letter of offer will be issued in accordance with the SEBI (SAST) Regulations, 2011 which will provide further details regarding the voluntary open offer.
This is in line with our stated strategic priority for simplifying the Group structure to align the Group’s capital and operational structures, streamline the process of servicing the Group’s financing obligations and improve a range of important credit metrics. The simplification process which has been underway for several years has involved mergers of Group companies and may involve other share acquisitions in accordance with applicable law.
J.P. Morgan India Private Limited is acting as the manager to the voluntary open offer and Khaitan & Co is acting as the legal advisor to VRL and PACs.
Source: Company Press Release