The Hindu Business Line : Vedanta's open offer for Sesa Goa stake postponed

Kolkata June 15 Vedanta Group has indefinitely postponed the open offer for 20 per cent stake in Sesa Goa. ICICI Securities Primary Dealership Ltd, the manager to the offer, on behalf of the acquirers of controlling stake in Sesa Goa, Westglobe Ltd, Mauritius and Richter Holding Ltd, Cyprus along with the PAC - Vedanta Resources Plc, UK, had issued a public announcement dated on April 27, 2007, mentioning that the proposed open offer would open from June 21, 2007.

However, the market regulator has not cleared the offer yet. Since, such offer was subject to clearance by the Securities Exchange Board of India under the SEBI Substantial Acquisition of Shares and Takeovers Regulations, 1997, acquirers with the PAC have been forced to postpone it indefinitely.

The Vedanta Group has informed the shareholders of Sesa Goa that the proposed date of opening of the open offer, stated in the earlier public announcement, was "postponed till further notice".

A communication from the Vedanta Group to the stock exchanges today further said that after receiving SEBI's observations, the revised schedule of the activities regarding acquisition of the shares of Sesa Goa would be announced through another public announcement by the manager to the offer.

The BSE-100 Sesa Goa stock, which had been on an upward trend of late, reacted negatively today and closed at Rs 1,754.25, down overnight by Rs 7.80.

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