Vedanta promoter buys 4.98% stake in Indian unit
Vedanta Resources Ltd, the promoter entity of billionaire Anil Agarwal’s Vedanta Ltd, on Thursday bought 185 million shares or a 4.98% stake in the company for ₹2,959 crore from the company’s institutional shareholders, according to bulk deal data available on the exchange.
This purchase will take the shareholding of Vedanta Resources to 55.1%. As on 30 September, promoters held 50.13% in the company. Promoters are allowed to acquire up to 5% a year through creeping acquisition without triggering an open offer, according to Securities and Exchange Board of India norms.
Vedanta Holdings Mauritius, a subsidiary of Vedanta Resources, bought 73.58 million and 111.42 million shares at an average price of ₹159.91 aggregating to ₹1,177 crore and ₹1,782 crore on NSE and BSE respectively, showed data on the stock exchanges. The details of the sellers were not disclosed.
