Exclusive: Will go for a counteroffer if need be, says Vedanta Chairman Anil Agarwal
Vedanta Chairman Anil Agarwal, in an interview with CNBC-TV18, said the company will go for a counteroffer if need be.
Vedanta Chairman Anil Agarwal, in an interview with CNBC-TV18, said the company will go for a counteroffer for the buyback of shares "if need be".
The floor price for tendering the shares has been set at Rs 87.25 by the company.
"We will look at the price which we can afford and will look at the price range once all shares are tendered," Agarwal said, adding that the delisting process has seen a very good response.
A short while earlier, Life Insurance Corporation (LIC) MD Vipin Anand, in an interview with CNBC-TV18, said that Rs 320 is a fair price for Vedanta delisting. LIC has a 6.37 percent stake in Vedanta, and Anand said the insurer "will not tender Vedanta shares below fair value."
At present, Vedanta shares are trading around Rs 122.
Today is the final day of the reverse book building process in which public shareholders can tender the shares of Vedanta as the company prepares to get delisted from Indian bourses.
Agarwal said that the book-building process has created a lot of momentum and 90 percent of the process is complete. A large portion of institutions and high networth individuals have tendered their shares, he said.
First Published: Oct 9, 2020 11:44 AM IST
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