Vedanta Limited was in focus on Monday's trading session after promoter Vedanta Resources announced a voluntary open offer for acquiring more than 37.17cr equity shares of the company from public shareholders.
On Sensex, Vedanta stock has plunged by nearly 4% with an intraday low of Rs175.35 per piece in early deals.
However, the stock has corrected and was trading at Rs176.70 per piece down 2.94% on Sensex at around 12.19 pm.
According to Vedanta's regulatory filing, the promoter Vedanta Resources has announced voluntary open offer together with Twin Star Holdings, Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II.
The open offer involves the acquisition of 371,750,500 equity shares of Vedanta which represents 10% of the fully diluted voting share capital of the company.
The open offer is made at Rs160 per equity share which is at a discount compared to the current stock price on exchanges.
Vedanta's open offer stated that assuming full acceptance of the Open Offer, the total consideration payable by the Acquirer (Vedanta Resources) and/or PACs (Twin Star Holdings, Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II), following the Sebi (SAST) Regulations, will be Rs5,948cr.