Vedanta Resources PLC
22 March 2005
22 March 2005
Offer to Minority Shareholders of MALCO
On 1 March Vedanta Resources plc announced that an offer was being made to
minority shareholders in MALCO, who own 20% of the outstanding shares. This
offer is being carried out by way of a reverse book build.
The first phase of the book build, open only to those with shares in electronic
form, is complete and a price of INR240 is now open to all holders of paper
certificates and will remain open for them until 7 April. This price represents
a premium of some 30% to the floor price, being the average over the six months
prior to the offer, as defined by Indian regulations.
Should Vedanta's holding move above 90% of MALCO, as a result of this offer,
then an application will be made to delist the company.
For further information, please contact:
Peter Sydney-Smith, Finance Director Tel: +44 20 7499 5900
John Smelt, Head of Investor Relations +44 787 964 2675
Vedanta Resources plc
James Murgatroyd Tel: +44 20 7251 3801
Notes to Editors:
Vedanta is a London listed diversified metals and mining group. Our principal
operations are located throughout India, with further operations in Zambia and
Australia. The major metals produced are aluminium, copper, zinc and lead.
MALCO (The Madras Aluminium Company) comprises two bauxite mines and the Mettur
Dam smelting and refining complex. It has a capacity of 35,000 tpa of aluminium.
It is the only aluminium smelter in Southern India. Through a wholly owned
subsidiary, Vedanta currently holds 80% of the outstanding shares in MALCO.
This information is provided by RNS
The company news service from the London Stock Exchange