Vedanta Current Opportunistic, Price Far Lower Than Domestic Stock Price
5/15/2020 8:22:31 AM
Institutional Investigation Advisory Services said in a statement that it was decided by 4.26% promoters of Vedanta NSE to buy the company privately by repurchasing shareholders at Rs 87.50 per share and the price does not reflect the original value of the shares.
He said that if the bid is successful, the promoters will have to pay a much higher exit price.
Last week, billionaire Anil Aggarwal of London-based Vedanta Resources said it would buy back Vedanta's shareholders at Rs 87.50 per share and would hold the company privately.
The offer price was 9 percent higher than the previous day's closing price, but since then the stock has gained momentum and closed at Rs 92.90 on the BSE on Friday.
"According to shareholders, the free float market capitalization for Vedanta is approximately $ 2.2 billion, and we expect the parent company to pay a lot more."
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