Vedanta’s sweetened open offer gets 57.5% bids

Anil Agarwal-led Vedanta Resources Ltd’s sweetened offer to buy back 17.5 per cent share in its Indian flagship firm was subscribed 57.5 per cent, helping it raise its stake to about 65 per cent.

The voluntary open offer to buy 65.1 crore shares in Vedanta Ltd at Rs 235 apiece received offers for 37.42 crore shares or 57.49 per cent of the offer size, according to stock exchange data.

The subscription was till 15.30 hrs on Wednesday — the last date of the open offer.
Vedanta Resources had raised the open offer price last month after its bid in January to buy up to 10 per cent in Vedanta Ltd at Rs 160 apiece was not received enthusiastically.

Of the bids received, foreign institutional investors (FIIs) offered 20.83 crore shares while mutual funds offered 6.38 crore shares.