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Vedanta Slips Over 3% On Open Offer Announcement

The supply worth at Rs 160 per share is at a reduction of 12 per cent to Friday’s closing worth

Vedanta shares dipped greater than Three per cent in an in any other case robust market on Monday after the promoter group introduced an open supply to purchase 10 per cent stake within the firm at a worth of Rs 160 per share. The shares of Vedanta touched an intra-day low of Rs 175.35, down 3.6 per cent, on the BSE on the again of the open supply announcement and at 11:15 am, the shares had been buying and selling at Rs 177.25, down 2.6 per cent.

Vedanta Resources, along with Twin Star Holdings, Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II (the promoter group & individual appearing in concern), will purchase as much as 371.75 million fairness shares of Vedanta, representing 10 per cent of totally diluted voting share capital of Vedanta, from the general public shareholders.

Vedanta stated that it will come out with an in depth public assertion and letter of supply by January 15, 2021.

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The supply worth at Rs 160 per share is at a reduction of 12 per cent to Friday’s closing worth of Rs 182.05.

The BSE Sensex was buying and selling at 49,089.71, larger by 309.70 factors or 0.63 per cent and the NSE Nifty was at 14,425.55, up 76.65 factors or 0.53 per cent on the time.

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