Anil Agarwal to take Vedanta Resources private on 1 October1 min read . Updated: 03 Sep 2018, 02:12 PM IST
Holders of 26% of shares in Vedanta Resources have agreed to sell to Anil Agarwal's family trust Volcan Investments
Bengaluru: Vedanta Resources Plc chairman Anil Agarwal will take the London-listed miner private on 1 October, after the holders of 26% of shares agreed to sell to his family trust Volcan Investments. Volcan now holds or has received acceptances for 92.31% of Vedanta’s shares, it said.
The trust said on Monday the $1 billion offer to take Vedanta Resources private would remain open for acceptances from shareholders until further notice.
Volcan, which held about 67% of Vedanta before it announced in July its firm intention to make the buyout offer, was expected to face some shareholder resistance, with a large minority shareholder saying the offer undervalued the company.
Amid the going-private process, Vedanta, the first Indian company to list in London in 2003, is waiting to hear from a judicial committee in India on whether its Sterlite copper plant, which was shut by Tamil Nadu, can be reopened.
Tamil Nadu ordered the permanent closure of the Sterlite copper plant in Thoothukudi and disconnected its power supply in May following protests that turned violent and culminated in the police opening fire on protesters, killing 13 of them.