Vedanta Resources to delist from LSE following Agarwal’s planned buyout
Billionaire shareholder Anil Agarwal on Monday announced plans to buy out minority shareholders in Vedanta Resources and to delist the diversified miner from the London Stock Exchange (LSE), sending the company’s stock up 28%.
Agarwal, through his family trust Volcan Investments, is offering minority shareholders 825p a share, for a consideration of £778-million. Volcan currently holds 66.5% of Vedanta.
Agarwal said in a statement that the transaction was a natural progression of Volcan’s journey to simplify the Vedanta Group's corporate structure.
“We are very proud to have been the first Indian company to be listed on the LSE in 2003, which was a major milestone for the Vedanta Group. The listing has served us well.”
“However, given the subsequent growth of our underlying businesses and the maturity of the Indian capital markets, together with related feedback from our shareholders and other stakeholders, we have concluded that a separate LSE listing is no longer necessary to achieve the Vedanta Group's strategic objectives,” Agarwal said.
In taking this step towards greater group simplification, Volcan wanted to ensure that the independent shareholders of Vedanta Resources were provided with the opportunity to exit on attractive terms, and Agarwal believes that this possible offer will deliver on that objective.
Pending transaction finalisation, Vedanta shareholders will still receive the financial year 2018 dividend of $0.41 apiece due to be paid out in August.
Vedanta jumped 28% to 828.8p on Monday, the biggest gain since its listing on the LSE in 2003.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ROSOND provides fast, efficient, safe, and cost-effective drilling and grouting services to mining and exploration industries throughout Africa.
VISIT SHOWROOM
ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
