MUMBAI: Billionaire Anil Agarwal’s Vedanta rose more than 6 per cent on Thursday, after reports said parent Vedanta Resources, which failed to garner the required number of shares to delist its Indian arm Vedanta in October, will buy up to 5 per cent stake on Thursday through block deals.
At 9:19 am, Vedanta was up 6.45 per cent at Rs 160.15, while benchmark Sensex climbed 0.61 per cent to 46,725.63 points.
Promoters have fixed the price range between Rs 150 and Rs 160 per share for the offer. With this transaction, promoters stake in the company will likely to increase from 50.14 per cent to 55.04 per cent.
As per SEBI norms, promoters are allowed to acquire up to 5 per cent a year through creeping acquisition.
The stock has witnessed strong momentum in recent times, and is up nearly 38 per cent over the last one month.
