Anil Agarwals Vedanta Resources to delist Indian unit
The company looks to simplify its corporate structure amid the pandemic.
Miner Vedanta Resources would take its Indian unit Vedanta Ltd private to simplify its corporate structure amid the COVID-19 crisis. The company said it will delist the Indian unit from all stock exchanges and is willing to accept shares tendered in the offer at price of $1.16 per equity share.
Anil Agarwal, Chairman, Vedanta Group said: “Due to the impact of COVID-19 pandemic, we have accelerated the strategy in this challenging environment to ensure support for meaningful deleveraging and to enable us to continue to invest in the growth of the business.”
Taking Vedanta Ltd private is the 'next logical step' in the simplification process and will provide more operational and financial flexibility in a capital-intensive business, the company said.
Vedanta Resources, along with other companies, holds 50.14 per cent of Vedanta Ltd, while public shareholders own the remaining 49.86 per cent.