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Vedanta Resources Ltd.’s bond rose after the miner launched an offer for its India unit, its latest attempt aimed at simplifying a corporate structure that hinders the parent from easily accessing cash at subsidiaries.

The London-based company’s 2022 dollar note gained 1.9 cents on the dollar to about 92.4 cents, the highest since March, Bloomberg-compiled prices show. Vedanta Resources and its three units plan to buy as many as 371.75 million shares of Mumbai-based Vedanta Ltd. at Rs160 each in a Rs59.48 billion ($812 million) deal, according to an exchange filing Saturday.

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If the entire offer is taken up by shareholders, Vedanta Group could increase its stake in the Indian unit by 10 percentage points to 65.11%. Shares in Vedanta Ltd. fell about 2% to Rs178.5.

The latest offer shows the group’s continued keenness in streamlining its corporate layout. Increasing its holding in Vedanta Ltd. would allow Anil Agarwal’s debt heavy London-based holding company to access a larger piece of the dividends that the money-spinning business pays.

Vedanta Resources’s offer comes a month after it allayed investor concerns over its funding by raising $1 billion from a note sale, albeit at one of the highest yields for a dollar bond in Asia last year. Investors will closely watch the response to the open offer after shareholders thwarted the group’s attempt at delisting Vedanta Ltd. last year.

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