Vedanta’s Open Offer Gets 39% Bids With Only Hours To Go

Vedanta Resources Plc’s open offer for India-listed Vedanta Ltd. has been subscribed 38.8% by 1 p.m. on the final day.

The company has received confirmed bids for 25.28 crore shares until now as compared to offered quantity of 65.1 shares, according to its exchange filing. Launched on March 23, the offer closes for subscription on Wednesday evening.

Category-Wise Bids

• Foreign institutional investors: 16.67 crore shares

• Domestic Financial Institutions: 20.14 lakh shares

• Mutual Funds: 5.66 crore shares

• Non-institutional investors: 90.65 lakh shares

• Retail investors: 1.08 crore shares

Source: BSE

In January, Vedanta Resources had offered to buy up to 10% in Vedanta at Rs 160 apiece. In March, it raised the offer price to Rs 235 per share and the offer size to 65.1 crore shares representing 17.5% stake in Vedanta.

The company’s earlier delisting plan failed in October as the metals to mining company received confirmed bids for 126 crore shares against the required 134 crore.