Anil Agarwal-led Vedanta Resources has got the approval of its board and shareholders for signing contracts of 41 oil and gas blocks on October 1, Business Standard reported.
Since the deal was considered a ‘related-party transaction’ under the British law, the company had to approach its shareholders for an approval, the report said. Anil Agarwal is trying to delist Vedanta Resources from the London Stock Exchange.
The company got 95.99 percent votes from the shareholders and clearance from its board for the investments in the blocks for the revenue sharing contracts with the government on September 19, an official familiar with the development told Business Standard.
A family owned entity of Agarwal, Volcan Investments is buying stakes worth $1.03 billion, valuing Vedanta Resources at $3.07 billion, the report said, adding that Volcan owns about 67 percent of the company and is offering $10.89 a Vedanta share.
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