Business tycoon Anil Agarwal plans to buy India’s Vedanta
By MYBRANDBOOK
Business tycoon, Anil Agarwal in order to simplify his investments is planning to buy Indian commodity giant Vedanta. To buy 49.9% stake in the company, he is proposing a price of Rs 87.5 ($1.16) per share.
Vedanta shares jumped as much as 10.3% to Rs 98.2 in early Wednesday trading in Mumbai. The stock slumped about 40% this year, giving the company a market value of about $4.5 billion. Taking the Indian unit private is the “next logical step” in its simplification process and will provide more financial flexibility, Vedanta said in the statement.
“Due to the impact of Covid-19 pandemic, we have accelerated the strategy in this challenging environment,” Agarwal said in the statement. “The proposed transaction will transform the group’s credit profile while offering a fair exit price to minority shareholders.”
Vedanta is working with JPMorgan Chase & Co. on the plans and the bank is helping the company raise financing for the deal.
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