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Vedanta Resources launched an open offer for a 10% stake in their India unit, two months after a delisting attempt failed for Vedanta Limited.
London-based London parent Vedanta Limited will buy as many as 371.75 million shares, making up 10% of India’s unit equity, according to Saturday’s exchange filing.
The open offer, which will be governed by The JPMorgan Chase & Co. India unit will be a voluntary open offer, with no minimum acceptance by Vedanta, according to the seed. If the holders of Vedanta Limited accept share offers for the entire 10%, the consideration for the contract is 59.48 billion rupees ($ 812 million).