Billionaire Anil Agarwal on Tuesday announced intention to take his Indian listed firm Vedanta Ltd private by buying out shares held by public.
Agarwal-controlled Vedanta Resources will offer Rs 87.5 per share to nearly 49 per cent public shareholders of Vedanta Ltd.
This price is lower than Tuesday's Rs 89.30 closing price of Vedanta Ltd on the BSE.
In a regulatory filing, Vedanta Ltd said promoter group, Vedanta Resources has "expressed its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the Company that are held by the public shareholders of the Company".
Vedanta Resources Ltd (VRL) along with the other members of the promoter group presently hold 51.06 per cent equity of the company. Public shareholders hold 169.10 crore or 48.94 per cent of shares.
"VRL has informed us of their willingness to accept the Equity Shares of the Company tendered by the Public Shareholders in the Delisting Offer at a price of Rs 87.5 per Equity Share which represents a premium of 9.9 per cent over the closing market price of Rs 79.6 as on May 11, 2020," it said.