Vedanta share rises over 13% as promoter to buy additional stake via block deal

Vedanta share hit a fresh 52-week high amid reports that promoters of the firm will launch an offer to purchase 185 million shares that is about 4.9 per cent stake of total equity through a block deal today. Share of Vedanta climbed to an intraday high of Rs 170.5, gaining 13.33% against previous close of Rs 150.45 on BSE. The stock has gained 22.31%  in the last 3 days.

The stock opened with a gain of 3.69% at Rs 156 on BSE.  Vedanta share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 6.49% since the beginning of this year and risen 9.73% in one year.

In a month, the share has climbed 40.24%. Market cap of the firm rose to Rs 59,642 crore.

Promoters have fixed the price range of share purchase between Rs 150 and Rs 160 per share. After the transaction, promoter's stake in the company will rise from 50.14 per cent to 55.04 per cent.

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On October 12, Vedanta share price crashed 23% after the firm failed to complete its delisting process. The promoters failed to secure the required number of shares at the end of reverse book building process, the firm said.

Vedanta could buy only 125.47 crore shares at the end of the five-day reverse book building (RBB) process. Promoters of the company needed 134.1 crore shares to complete the delisting process. Around 12.32 crore tendered shares could not be confirmed by the end of the RBB process. The delisting process ended on October 9.