Vedanta open offer for Sesa Goa stake
Anil Agarwal-led Vedanta offers Sesa Goa shareholders Rs 1,603.05 crore for 20% stake.
By PTI |
MUMBAI: Anil Agarwal-led Vedanta Resources Plc on Friday made an open offer to the shareholders of India's biggest private iron ore exporter Sesa Goa for acquiring 20 per cent stake in the company for up to Rs 1,603.05 crore.
The open offer was made after the recent announcement by Vedanta for acquiring Japanese firm Mitsui & Co's 51 per cent stake in Sesa Goa for $981 million (around Rs 4,070 crore) in cash.
The company has made an open offer to acquire up to 78,72,404 equity shares representing 20 per cent stake in the equity share of the Sesa Goa at a price of Rs 2,036.30 per share payable in cash, Sesa Goa said in a filing to the Bombay Stock Exchange.
Vedanta Resources clinched the deal from bidders like Arcelor-Mittal and the Aditya Birla Group, who were also in the fray to acquire 51 per cent stake in India's biggest private iron ore exporter Sesa Goa Ltd.
Two wholly owned subsidiaries of Vedanta Resources -- Westglobe Ltd, Mauritius and Richter Holding Ltd, Cyprus has made an open offer to the equity shareholders of Sesa Goa in compliance with Securities and Exchange Board of India (SEBI) regulations.
The offer is being made to all the public shareholders of Sesa Goa and would be open from June 21 till July 10.
Anil Agarwal-led Vedanta is listed on the London Stock Exchange but has most of its operations in metals such as zinc and aluminium in India.
Shares of Sesa Goa were trading at Rs 1779, up 0.65 per cent on the BSE.
The open offer was made after the recent announcement by Vedanta for acquiring Japanese firm Mitsui & Co's 51 per cent stake in Sesa Goa for $981 million (around Rs 4,070 crore) in cash.
The company has made an open offer to acquire up to 78,72,404 equity shares representing 20 per cent stake in the equity share of the Sesa Goa at a price of Rs 2,036.30 per share payable in cash, Sesa Goa said in a filing to the Bombay Stock Exchange.
Vedanta Resources clinched the deal from bidders like Arcelor-Mittal and the Aditya Birla Group, who were also in the fray to acquire 51 per cent stake in India's biggest private iron ore exporter Sesa Goa Ltd.
Two wholly owned subsidiaries of Vedanta Resources -- Westglobe Ltd, Mauritius and Richter Holding Ltd, Cyprus has made an open offer to the equity shareholders of Sesa Goa in compliance with Securities and Exchange Board of India (SEBI) regulations.
The offer is being made to all the public shareholders of Sesa Goa and would be open from June 21 till July 10.
ADVERTISEMENT
Anil Agarwal-led Vedanta is listed on the London Stock Exchange but has most of its operations in metals such as zinc and aluminium in India.
Shares of Sesa Goa were trading at Rs 1779, up 0.65 per cent on the BSE.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
