NEW DELHI: London-dependent Vedanta Resources Ltd (VRL) has lifted its stake in its India stated device, Vedanta to 55.11 for every cent by acquiring from open market place shares truly worth Rs 2,959 crore.
VRL purchased 18.5 crore shares at a selling price of Rs 159.94 for each share, the organization mentioned in a assertion on its web page.
It produced the acquire by block bargains.
The acquire of shares in the open current market served the agency increase its stake in Vedanta Ltd to 55.11 for every cent from the present-day 50.13 for every cent.
The transfer comes weeks just after the firm’s failed try to delist Vedanta Ltd from Indian inventory exchanges.
The delisting failed owing to an insufficient variety of shares staying made available in the buyback proposal of VRL.
“This is in line with our stated strategic precedence for simplifying the team framework to align the group’s capital and operational buildings, streamline the system of servicing the Group’s financing obligations and make improvements to a array of vital credit rating metrics,” it claimed.
The simplification method which has been underway for quite a few decades has involved mergers of team companies and could contain other share acquisitions in accordance with relevant law, the company reported without the need of elaborating.
J P Morgan India acted as the broker to VRL for this transaction.