Vedanta Resources to delist from London Stock Exchange
Vedanta Resources is set to delist from London after the family trust of Anil Agarwal agreed to buy the remaining 33.47% minority stake in the company in a deal that values the company at £2.325 billion. While the company sought to portray the development as a “natural progression,” the move will inevitably be seen amid pressure on the company following the events in Thoothukudi and calls from campaigners and Britain’s Labour Party for the company to be delisted.
In a statement on Monday morning the independent committee of Vedanta’s board — set up to evaluate the proposal — and Volcan, the holding company wholly-owned by Anil Agarwal’s discretionary trust, said they had agreed in principle on the key terms of a possible cash offer for the remaining share capital of Vedanta. The independent committee is set to recommend the offer to independent shareholders, and if accepted, the firm’s delisting could follow within 20 business days of that time. Read more
Courtesy: The Hindu