Vedanta’s renewed buyback offer got only 58 per cent of investor bids, as per stock exchange data. This was the second attempt in less than six months by Vedanta and its promoters to induce public shareholders to part with their shares in the company. In the offer that closed on Wednesday, Vedanta was seeking 65.10 crore shares in the buyback offer from the public but got only around 37.42 crore shares.
However, this was not a de-lising offer and only an offer to buy back shares.
Analysts bullish
Analysts say that markets believe that the global metals and mining sector is getting re-rated and hence they see improving prospects for Vedanta. They believe that shareholders will not tender their shares in the near future.
Vedanta shares have surged 47 per cent this year, driven by higher commodity prices and better demand prospects glob ally. The share price of the company rose 1.4 per cent on Wednesday to close at ₹236.85.