Vedanta’s scrip shot up to a high of Rs 354.50 as against the previous close of Rs 328.35 on the National Stock Exchange.
The offer price detailed in the transaction represents a premium of 6.6 per cent for Vedanta’s shares when compared with the previous close.
Meanwhile, rating agency Moody’s said that a recent demerger announcement by the company would not have any impact on credit quality.
Vedanta’s shares have experienced severe volatility (losing 10 per cent last week) ever since the announcement of the demerger – which aims to consider a possible spinoff of its aluminum, iron and steel and oil and gas businesses into separate listed entities.
Trade volumes were hefty with more than 4 crore shares changing hands up till now on the BSE on Tuesday.
The plan by the promoter companies to buy stake includes a purchase offer size of up to 4.57 per cent of total outstanding shares as on September 30. The type of the purchase offer is an accelerated bookbuild of equity shares.
The broker for the Twin Star Holdings and Vedanta Netherlands Investments BV is J.P. Morgan India Private Limited.
