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.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...