London : Mining mogul Anil Agarwal’s Volcan Investments announced on Monday that it is set to delist Vedanta Resources from the London Stock Exchange on October 1 after a successful buyout of the company’s shares.
Volcan, controlled by Agarwal as Executive Chairman, already owns nearly 67 per cent in Vedanta Resources. It said on Monday that its cash offer for the FTSE 250 mining company had become “unconditional in all respects” after Agarwal offered $10.89 per Vedanta share, equivalent to approximately 825 pence.
The offer valued Vedanta in total at around $3.07 billion, and the stake Volcan is now buying is worth around $1.03 billion. Vedanta will now apply to have its share delisted from the LSE with effect on October 1, it said.
