Vedanta Resources Ltd.’s bond rose after the miner launched an offer for its India unit, its latest attempt aimed at simplifying a corporate structure that hinders the parent from easily accessing cash at subsidiaries.
The London-based company’s 2022 dollar note gained 1.9 cents on the dollar to about 92.4 cents, the highest since March, Bloomberg-compiled prices show. Vedanta Resources and its three units plan to buy as many as 371.75 million shares of Mumbai-based Vedanta Ltd. at Rs160 each in a Rs59.48 billion ($812 million) deal, according to an exchange filing Saturday.
If the entire offer is taken up by shareholders, Vedanta Group could increase its stake in the Indian unit by 10 percentage points to 65.11%. Shares in Vedanta Ltd. fell about 2% to Rs178.5.
