Mumbai: Metals and mining magnate Anil Agarwal will see his stake in flagship increase to 65.2% from the existing 55.1%, if he accepts all the shares tendered by minority shareholders in the open offer that closed on Wednesday.
The 67-year-old Agarwal had offered to buy 17.5% of Vedanta from public shareholders in what was his latest attempt to tighten his grip over the India-listed entity. Minority shareholders tendered 37.4 crore Vedanta shares as against the 65.1 crore Agarwal had offered to purchase, stock exchange data revealed.
The 65.2% stake in Vedanta will take Agarwal’s total promoter shareholding closer to 90%, a threshold he requires to take the company private. India’s capital market rules state that a promoter can delist the company from the stock exchanges if s/he acquires 90% of the total equity capital.
Last October, Agarwal had attempted to take Vedanta private but minority investors spoiled his plans. LIC, the largest non-promoter shareholder, quoted a price of Rs 320 apiece as against Agarwal’s indicative delisting price of Rs 87.5.