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Vedanta Resources (VED)

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Friday 05 December, 2003

Vedanta Resources

Offer Size Increased

Vedanta Resources PLC
05 December 2003

    The information contained herein is restricted and is not for release or
            distribution in the United States, Australia, Canada or Japan

                         London, 7:00am, 5 December 2003

                              Vedanta Resources plc
                Issue size increased to meet significant IPO demand

Vedanta Resources plc ('Vedanta' or 'the Company') today announces details of
the pricing and allocation of the offer (the 'Global Offer') of ordinary shares.
Conditional dealings will commence on the London Stock Exchange ('LSE') at
8.00am on 5 December 2003.

To meet the significant levels of demand, the size of the offering was increased
from 110 million to 130 million shares (before exercise of the Manager's Option)
with an Offer price (the 'Offer Price') of 390p per ordinary share.

Gross proceeds of the Global Offer receivable by the Company will be £507
million (c. US$876 million) (before exercise of the Manager's Option). If the
Manager's Option is exercised in full, gross proceeds receivable by the Company
would be £583 million (c. US$1,008 million).

Market capitalisation of the Company at the Offer Price is £1,115 million (c.
US$1,927 million) (before exercise of the Manager's Option).

J.P. Morgan Securities Ltd., as Stabilising Manager has been granted a manager's
option (the 'Manager's Option'), in respect of 19.5 million additional ordinary

Anil Agarwal, Chief Executive Officer of Vedanta, said:

'I am delighted at the success of our IPO. This enables Vedanta to continue to
benefit from India's dynamic growth and its rich mineral resources. We must now
deliver for our shareholders on our exciting project pipeline.'

Brian Gilbertson, Chairman, said:

'I am pleased indeed that our successful IPO has attracted to our shareholder
register a wide spread of the foremost global fund managers. This is an
endorsement of our assets and management, and of the robust governance process
of the London market, now surely the market of choice for leading mining
companies. We shall now proceed with the vigorous implementation of our
strategic priorities: optimising our assets, delivering our two large projects
and releasing value from our corporate structure.'

Admission to the Official List of the UK Listing Authority and to trading on the
London Stock Exchange's main market for listed securities ('Admission') and
commencement of unconditional dealings on the London Stock Exchange are expected
to take place on 10 December 2003 at 8.00am, London time.

Any allocations under the Global Offer will be conditional on Admission to
listing. All dealings on the LSE between commencement of conditional dealings
and the commencement of unconditional dealings will be on a 'when issued' basis.
  If the Global Offer does not become unconditional, all such dealings will be
of no effect and any such dealings will be at the sole risk of the parties

J.P. Morgan plc is acting as Financial Adviser and Sponsor to Vedanta in
connection with its Admission to the Official List of the UK Listing Authority.
HSBC Bank plc and J.P. Morgan Securities Ltd. are Joint Global Co-ordinators and
Joint Bookrunners of the Global Offer.

                                   -  ends  -

For further information, please contact:

Vedanta Resources plc

Peter Sydney-Smith                                Tel:  +44 207 629 6070
Priyank Thapliyal                                 Tel:  +44 207 629 6070
Tarun Jain                                        Tel:  +91 22 2285 5551

Ian Hannam                                        Tel:  +44 207 325 1000
Lloyd Pengilly                                    Tel:  +44 207 325 1000
Shaun Treacy                                      Tel:  +44 207 325 1000
Arjun Khullar                                     Tel:  +44 207 325 1000
Vedika Bhandarkar                                 Tel:  +91 22 5639 2916

Russell Julius                                    Tel:  +44 207 991 8888
Adrian Coates                                     Tel:  +44 207 991 8888
Rajat Kohli                                       Tel:  +44 207 991 8888
Paul Geradine                                     Tel:  +44 207 991 8888

Financial Dynamics
Scott Fulton                                      Tel:  +44 7788 144 993
Andrew Lorenz                                     Tel:  +44 207 831 3113
Jon Simmons                                       Tel:  +44 207 831 3113

The contents of this announcement, which has been issued by Vedanta Resources
plc and is the sole responsibility of Vedanta Resources plc, has been approved
solely for the purposes of Section 21 (2) (b) of the Financial Services and
Markets Act 2000 by J.P. Morgan plc of 125 London Wall, London EC2Y 5AJ.

This announcement does not contain or constitute an offer or invitation, or
solicitation of an offer or invitation, to purchase or subscribe for any
securities of Vedanta Resources plc and should not be relied on in connection
with any decision to purchase or subscribe for any such securities.

J.P. Morgan plc, HSBC Bank plc and J.P. Morgan Securities Ltd. are acting for
Vedanta and no one else in connection with the Global Offer and will not be
responsible to any other person for providing the protections afforded to
clients by J.P. Morgan plc, HSBC or J.P. Morgan Securities Ltd. or for providing
advice in relation to the Global Offer, the contents of this document or any
transaction or arrangement referred to herein.

The securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933 (the 'Securities Act') and may not be offered or
sold in the United States absent registration under the Securities Act or an
applicable exemption from the registration requirements of the Securities Act.
There will be no public offering of the securities in the United States.

Neither this announcement nor any copy of it may be taken or transmitted into or
distributed in the United States, Australia, Canada or Japan, or their
respective territories or possessions.  This announcement does not constitute or
form part of an offer or solicitation of an offer to purchase or subscribe for
securities in the United States, Australia, Canada, Japan or India.

                      This information is provided by RNS
            The company news service from the London Stock Exchange