(Image source from: News18.com)

Vedanta Resources Plc proclaimed on Monday that it would delist from the London Stock Exchange after its founder and chairman Anil Agarwal's family trust has agreed to acquire a deal of rest of Vedanta that values the mining conglomerate at £2.3 billion pounds.  

At present, Volcan holds about 66.53 percent of Vedanta. The committee which was formed to review and evaluate the proposal, that is an autonomous committee has indicted to Volcan Investments that it assists the offer and intends to urge a firm offer of Vedanta's shareholders.

The 825 pence per share offer represents a 27.6 percent premium to London-listed Vedanta's close on Friday of 646.8 pence.

In addition to the offer price, shareholders will likewise be eligible to get a previously proclaimed dividend of 41 cents per Vedanta share, the company said, adding that this would boost the offer price to 856 pence per share.

Agarwal said earlier this year he does not mean to keep Vedanta in family hands and would draw back from the group in the next few years.

Agarwal is as well Anglo American's ample shareholder with a nearly 20 percent stake through Volcan. Agarwal played down a speculation that he is seeking a tie-up with Anglo earlier this year.

Vedanta has come under increased investigation in India since police opened fire on protesters, killing 13, at a demonstration against a copper smelter in May. The smelter has since been shut down.

By Sowmya Sangam