Vedanta shares dipped more than 3 per cent in an otherwise strong market on Monday after the promoter group announced an open offer to buy 10 per cent stake in the company at a price 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 back of the open offer announcement and at 11:15 am, the shares were trading at Rs 177.25, down 2.6 per cent.
Vedanta Resources, together with Twin Star Holdings, Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II (the promoter group & person acting in concern), will acquire up to 371.75 million equity shares of Vedanta, representing 10 per cent of fully diluted voting share capital of Vedanta, from the public shareholders.
Vedanta said that it would come out with a detailed public statement and letter of offer by January 15, 2021.
The offer price at Rs 160 per share is at a discount of 12 per cent to Friday's closing price of Rs 182.05.
The BSE Sensex was trading at 49,089.71, higher by 309.70 points or 0.63 per cent and the NSE Nifty was at 14,425.55, up 76.65 points or 0.53 per cent at the time.