Anil Agarwal's mega bid to take Vedanta private runs into rough weather

In the event, Vedanta RBB fails to get bids for at least 1.34 billion shares--- the minimum required for the promoters to acquire 90 per cent shareholding-the delisting bid would fail

Topics
Vedanta Anil Agarwal | Delisting of shares | Life Insurance Corporation

Samie Modak  |  Mumbai 

Anil Agarwal’s mega bid to take Vedanta private is at the risk of falling through. According to data provided by the BSE at 7:30pm, the reserve book building (RBB) offer garnered only 1.25 billion bids, nearly 90 million short of the 1.34 billion required for the offer to succeed.

Earlier update on BSE showed that the RBB had received 1.36 billion bids. However, sources said, these were confirmed bids and several of them were rejected. The company sought a day’s extension from market regulator Sebi citing a technical glitch at the exchange, which halted the bidding ...

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First Published: Fri, October 09 2020. 18:45 IST
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