Billionaire Anil Agarwal plans to take Indian commodities giant Vedanta Ltd. private as the tycoon continues to simplify his investments.
The businessman is proposing a price of 87.5 rupees ($1.16) per share to buy the 49.9% he doesn’t own of the company from minority investors, a 9.9% premium over Monday’s closing price, his holding company said in a statement Tuesday. The announcement confirmed an earlier story by Bloomberg News.
Vedanta shares have fallen more than 40% this year, giving the company a market value of about $4.4 billion. Taking the company private is the “next logical step” in its simplification process and will provide more financial flexibility, Vedanta said in the statement.
