1 per cent of Vedanta Ltd and has near 65 per cent holding in

Anil Agarwal to delist group flagship Vedanta Resources from LSE

canada goose IMAGE: Anil Agarwal. Photograph: Rediff Archives canada goose

Mining mogul Anil Agarwal plans to delist his flagship firm Vedanta Resources Plc from the London Stock Exchange after Canada Goose Parka buying out 33.5 per cent of non promoter shareholders for about uk canada goose USD 1 billion.

Agarwal’s Volcan Investments Ltd, which currently holds 66.53 per cent of Vedanta, canada goose coats on sale made a cash offer for 825 pence a share, a 14 per cent premium to company’s three month volume weighted average price.

canada goose clearance sale Vedanta Resources in a statement said it will recommend acceptance of the offer by the shareholders, who would also be entitled to a previously announced dividend of USD 0.41 per share. canada goose clearance sale

Canada Goose Parka The company no longer sees the London listing as necessary to access capital and the deal will Canada Goose Jackets simplify Vedanta’s corporate structure, it canada goose black friday sale said. Canada Goose Parka

Canada Goose Outlet The canada goose uk shop move comes weeks after the killing of 13 protesters in police firing canada goose uk black friday at the firm’s copper smelter plant in Tamil Nadu last month that led to political opposition Canada Goose Outlet to the company in the UK and drop in its share price. Canada Goose Outlet

canada goose store Volcan is a holding company wholly owned by the Anil Agarwal discretionary trust. Agarwal is also Anglo American biggest shareholder with a nearly 20 per cent stake through Volcan. canada goose store

canada goose clearance canada goose clearance sale After delisting of Vedanta Resources, Agarwal would have just two listed companies in India Vedanta Ltd which houses his sprawling copper, silver, lead, iron ore, power, aluminium mining and oil and gas, and Hindustan Zinc Ltd. canada goose clearance

canada goose deals Vedanta Resources owns 50.1 per cent of Vedanta Ltd and has near 65 per cent holding in Hindustan Zinc. It also owns 79.4 per cent of Konkona Copper Mines in Zambia, Africa. canada goose deals

Canada Goose sale The delisting will take 2 3 months as it will have to make a firm offer in 28 days. Canada Goose buy canada goose jacket cheap sale

buy canada goose jacket Vedanta said an independent committee, formed to canada goose coats review and evaluate the proposal, has indicated to Volcan Investments that it supports the offer and intends to recommend a firm offer to the shareholders. buy canada goose canada goose jacket

Canada Goose Jackets Agarwal said Vedanta was the first Indian company to be canada goose clearance listed on the London Stock Exchange in 2003. Canada Goose Jackets

„The London listing has served us extremely well since that time. However, given https://www.winterdownparkas.com the subsequent growth of our underlying businesses and the maturity of the Indian capital markets, together Canada Goose Coats On Sale with related feedback from our shareholders and other stakeholders, we have concluded that a separate London listing is no longer necessary to achieve the Vedanta group strategic objectives.

Canada Goose online „In taking this important step towards greater group simplification, we wanted to ensure that the independent shareholders of Vedanta Resources Plc were provided with the opportunity to exit on attractive terms, and I believe this possible buy canada goose jacket offer will deliver on that objective,” he said. Canada Goose online

canada goose coats on sale Vedanta said the offer price of 825 pence per share values the company at 2.324 billion pounds and is 27.6 per cent higher than Friday’s closing price of 647 pence a share. canada goose coats on sale

canada goose coats Volcan believes uk canada goose outlet that the „offer price represents an attractive premium when considered on a relative basis compared to the recent share price of Vedanta and in the context of relevant precedent minority buy Canada Goose Online out canada goose factory sale transactions in the United Kingdom”. canada goose uk outlet canada goose coats

Also, the offer of cash provides an immediate and certain premium.

„Simplification of the corporate structure of Vedanta and its subsidiaries has been a key ongoing objective for the Vedanta group, examples of which over the past several years include the merger of various Indian subsidiaries to create Vedanta Ltd, and the merger of Cairn India Ltd into Vedanta Ltd.

canada goose black friday sale „Volcan believes that now is the right cheap canada goose uk time to take another important step in simplifying the structure of the Vedanta group by removing a duplicative stock exchange listing, which it believes to be in the best interests of all stakeholders,” the statement said. canada goose black friday sale

Vedanta Resources was created to provide cheap Canada Goose a platform to access a deeper Canada Goose sale pool of equity and debt capital in the United Kingdom and global markets, when predecessor entities were smaller and less liquid, and the Indian capital markets were less mature.

canadian goose jacket „Volcan believes that the original rationale for Vedanta is now less compelling, given the increased maturity of the Indian capital markets, together with Vedanta Limited’s significant canadian goose jacket growth,” it said. canadian goose jacket

buy canada goose jacket cheap The offer is subject to Volcan receiving any necessary canada goose outlet external approvals for its financing structure and receiving satisfactory confirmations from Vedanta’s principal lenders that they do not object to the delisting of company’s shares. buy canada goose jacket cheap

Commenting on the possible offer, Deepak Parekh, senior independent director of Vedanta, said: „Since being approached, the independent directors of Vedanta Resources Plc have evaluated the possible offer and have negotiated its terms. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

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