Vedanta announced the voluntary open offer by promoter, Vedanta Resources for the acquisition of up to 37,17,50,500 equity shares representing 10% of the fully diluted voting share capital of Vedanta at price of Rs 160 per share for total consideration of Rs 5948 crore.

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The promoters of Vedanta on Saturday announced an open offer to acquire 37.2 crore equity shares, representing 10% equity stake in the company, at Rs 160 per share. The open offer price is at 12.1% discount to Friday's closing price of Rs 182.05.

As of 30 September 2020, promoters held 50.14% stake in Vedanta.

In October 2020, Vedanta's voluntary delisting bid failed after it could not get the minimum number of bids required from its minority shareholders to take it private. The promoters sought to buy out 169.73 crore shares or 47.67% stake held by the public to delist the firm.

Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.

The diversified natural resources company posted a 62% decline in consolidated net profit to Rs 824 crore in Q2 September 2020 as against Rs 2,158 crore in Q2 September 2019. Net sales during the quarter fell 4.3% YoY to Rs 20,804 crore.

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On the BSE, the counter clocked a volume of 12.85 crore shares as against its average trading volume of 23.05 lakh shares in the past one quarter. The stock gained 13.33% to hit a high of Rs 170.5 on BSE today.

On the NSE, the scrip surged 9.14% to Rs 164.20. The counter clocked a volume of 23.18 crore shares compared with its average trading volume of 4.02 crore shares in the past one quarter. The stock added 13.46% to hit a high of Rs 150.45 on NSE today.

In the past one month, the stock has zoomed 41.62% while the benchmark S&P BSE Sensex has added 4.87% during the same period.

The media reported that the company's promoter, Vedanta Resources, which failed to garner the required number of shares to delist its Indian arm Vedanta in October, will buy around 4.9% stake on Thursday through block deals. Promoters have fixed the price range between Rs 150 and Rs 160 per share for the offer. With this transaction, promoters stake in Vedanta will likely to increase from 50.14% to 55.04%.

Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.

The diversified natural resources company posted a 62% decline in consolidated net profit to Rs 824 crore in Q2 September 2020 as against Rs 2,158 crore in Q2 September 2019. Net sales during the quarter fell 4.3% YoY to Rs 20,804 crore.

Vedanta cited lower volume at oil & gas business and lower commodity prices which were partially offset by higher volumes at Zinc India business, and rupee depreciation as reasons for lower revenues.

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Vedanta Ltd gained 2.32% today to trade at Rs 136.9. The S&P BSE Metal index is up 1.63% to quote at 10856.54. The index is up 12.55 % over last one month. Among the other constituents of the index, Steel Authority of India Ltd increased 2.25% and National Aluminium Company Ltd added 1.91% on the day. The S&P BSE Metal index went up 7.59 % over last one year compared to the 9.84% surge in benchmark SENSEX.

Vedanta Ltd has added 23.33% over last one month compared to 12.55% gain in S&P BSE Metal index and 4.24% rise in the SENSEX. On the BSE, 1.94 lakh shares were traded in the counter so far compared with average daily volumes of 18.82 lakh shares in the past one month. The stock hit a record high of Rs 166.05 on 14 Jan 2020. The stock hit a 52-week low of Rs 60.3 on 30 Mar 2020.

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