Volcan Bids for Rest of UK Vedanta

Volcan, a trust owned by Indian-born billionaire Anil Agarwal, has agreed to buy the rest of the shares of energy and mining firm Vedanta Resources. Agarwal’s Volcan already owns about 66.53% of Vedanta Resources.

The offer price of 825 pence/share values the total issued share capital of Vedanta Resources at £2.33bn ($3.1bn), Vedanta said July 2.  The offer is a premium of 14% to Vedanta’s three-month volume weighted average price, it said.

Volcan intends to delist Vedanta from the London Stock Exchange after the deal. The delisting will take effect no earlier than 20 business days after the date on which Volcan’s offer is accepted. 

London-listed Vedanta Resources is a globally diversified natural resources firm with interests in zinc, lead, silver, copper, iron ore, aluminium, power and oil and gas. The company owns half of India-listed Vedanta Limited, which has oil and gas assets in India, Sri Lanka and South Africa.