Vedanta Limited revealed through an exchange filing on the Bombay Stock Exchange that Vedanta Resources Limited together with Twin Star Holdings Limited, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, collectively called persons acting in concert (PACs) have given an open offer to acquire 651mn fully paid-up shares of Vedanta Limited at a price of INR 235/share ($3.23/share). The offer price includes interest of INR 1.29/share (1.8 cents/share). The tendering period for the offer, which constitutes 17.51% of the company is from March 23 to April 7. PACs had also given an open offer on January 8 this year when it offered to buy 371.7mn shares at a price of INR 160/share ($2.20/share). The new offer price is ~47% over its previous offer and ~5.8% over the existing share price of INR 222/share ($3.05/share). The total consideration for the new offer is ~INR 153bn ($2.1bn) against the earlier consideration of ~INR 59.5bn ($820mn).
Last year in October, Vedanta Resources had suffered a setback as subsidiary Vedanta Ltd. failed to complete its delisting offer with an offer price of INR 87.5/share ($1.20/share) although the promoters had managed to increase the stake from ~50% to ~55%. Founder of the group, Anil Agarwal has pledged his 55% stake in Mumbai-based Vedanta Limited as the collateral under conditions of a dollar bond sale this month as per Bloomberg.