Home Business NewsBusiness Vedanta shares fly as Indian billionaire orchestrates buyout

Vedanta shares fly as Indian billionaire orchestrates buyout

by Purvai Dua
2nd Jul 18 11:50 am

Here’s what happened

Billionaire founder Anil Agarwal is planning to delist his London-listed Vedanta Resources from the London Stock Exchange and has reportedly struck a deal to buy out the minority shareholders for almost £800m.

Following the news, the company shares jumped 26 per cent in early trade.

Agarwal added: “We are very proud to have been the first Indian company to be listed on the London Stock Exchange in 2003, which was a major milestone for the Vedanta Group. The London listing has served us extremely well since that time. However, given the subsequent growth of our underlying businesses and the maturity of the Indian capital markets, together with related feedback from our shareholders and other stakeholders, we have concluded that a separate London listing is no longer necessary to achieve the Vedanta Group’s strategic objectives.”

The company has, however, come under scrutiny since May following demonstrations where police killed 13 protesters at a copper smelter in India.

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