Vedanta promoter’s stake goes up

Vedanta Resources said that it has acquired 37.42 crore shares of Vedanta Limited through the recently concluded voluntary open offer. The acquisition will be completed and consideration to respective shareholders will be paid on or about April 16, the company said in a notice to the stock exchanges. Post the acquisition, promoter's shareholding in Vedanta will increase from the current 55.1 per cent to 65.2 per cent. Vedanta Resources had launched an open offer to buy up to 65.1 crore shares (or 17.5 per cent equity) at ₹235 a share but received bids for only 58 per cent from its shareholders. Shares of Vedanta closed 3.25 per cent up at ₹225.40 on the BSE.