Anll Agarwal’s Volcan Investments now holds or has received acceptances for 92.31% of Vedanta Resources’s shares. Photo: Pradeep Gaur/MintBengaluru: Vedanta Resources Plc chairman Anil Agarwal will take the London-listed miner private on 1 October, after the holders of 26% of shares agreed to sell to his family trust Volcan Investments. Volcan now holds or has received acceptances for 92.31% of Vedanta’s shares, it said. The trust said on Monday the $1 billion offer to take Vedanta Resources private would remain open for acceptances from shareholders until further notice. Volcan, which held about 67% of Vedanta before it announced in July its firm intention to make the buyout offer, was expected to face some shareholder resistance, with a large minority shareholder saying the offer undervalued the company.

Source: Mint September 03, 2018 08:37 UTC