September 08, 2008

Vedanta\'s offer for Sesa Goa to open on Aug 31st 2007

Vedanta Resources' open offer to the shareholders of country's biggest iron ore exporter Sesa Goa for acquiring 20% stake will open on August 31st 2007. Sesa Goa said in a filing to the Bombay Stock Exchange that Vedanta has revised the schedule, as per which the open offer would open on August 31st 2007 and would close on September 19th 2007.

Earlier the offer was scheduled to open on June 21st 2007 and close on July 10th 2007.

The open offer is pursuant to Vedanta acquiring Mitsui & Co's 51% stake in Sesa Goa for USD 981 million. Vedanta Resources has made an open offer to acquire up to 78,72,404 equity shares representing 20% stake in the equity share of Sesa Goa at a price of INR 2,036.30 per share. Two wholly owned subsidiaries of Vedanta Resources Westglobe Ltd of Mauritius and Richter Holding Ltd of Cyprus made an open offer to the equity shareholders of Sesa Goa in compliance with the market regulator SEBI's guidelines.