Vedanta Resources to de-list from London stock exchange

Mining baron Anil Agarwal announced plans to de-list Vedanta Resources Plc from the London Stock Exchange (LSE) after promoter group made a cash offer to buyout around 33 per cent of the public shareholding in the company, on Monday.

Agarwal's Volcan Investments, which holds about 66.53 per cent of Vedanta, made a cash offer of 825 pence a share which is about 27 per cent higher than the closing of 647 pence on June 29, the company said in a filing to the London Stock Exchange.

The company also said that the shareholders will be entitled to receive the previously announced dividend of $0.41 per Vedanta share. This together with the offer price, represents a total value of 856 pence per share. The filing further added that the move is to simplify the corporate structure of Vedanta and its subsidiaries.

On Monday, Vedanta closed at Rs. 239.85 per share, up by Rs. 3.65 or 1.55 per cent on NSE, while the BSE Sensex closed at 35,264 level, down by 0.45 per cent and NSE Nifty closed at 10,6657level, down by 0.53 per cent.