Anil Agarwal-led Vedanta Resources' open offer to the shareholders of country's biggest iron ore exporter Sesa Goa for acquiring 20 per cent stake in the company will open on August 31.
MUMBAI: Anil Agarwal-led Vedanta Resources' open offer to the shareholders of country's biggest iron ore exporter Sesa Goa for acquiring 20 per cent stake in the company will open on August 31.
The open offer was pursuant to the recent announcement by Vedanta for acquiring Japanese firm Mitsui & Co's 51 per cent stake in Sesa Goa for 981 million dollar (around Rs 4,070 crore) in cash.
Vedanta has revised the schedule, as per which the open offer would open on August 31 and would close on September 19, Sesa Goa said in a filing to the Bombay Stock Exchange.
Earlier the offer was scheduled to open on June 21 and close on July 10.
Vedanta Resources has made an open offer to acquire up to 78,72,404 equity shares representing 20 per cent stake in the equity share of Sesa Goa at a price of Rs 2,036.30 per share.
Vedanta Resources had clinched the deal from bidders like Arcelor-Mittal and the Aditya Birla Group, who were also in the fray to acquire 51 per cent stake in India's biggest private iron ore exporter Sesa Goa Ltd.
Two wholly-owned subsidiaries of Vedanta Resources -- Westglobe Ltd, Mauritius and Richter Holding Ltd, Cyprus made an open offer to the equity shareholders of Sesa Goa in compliance with the market regulator SEBI's guidelines.
Anil Agarwal-led Vedanta is listed on the London Stock Exchange but has most of its operations in metals such as zinc and aluminium in India.
Sesa Goa, which runs mining operations in states like Goa, Karnataka and Orissa, sells about 10 million tonnes of iron ore, of which over 95 per cent is exported to global steel firms in China, Europe and Japan.
Shares of Sesa Goa were trading 3.20 per cent up at Rs 1933 a share in intra-day trade.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}