PSU NEWS
Vedanta to raise its price on BPCL to 8 billion dollars
New Delhi: Vedanta Limited, a leading mining company based in India, with iron ore, gold, and aluminum operations plans to raise 8 billion dollar through a mix of debt and equity to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL), according to the sources.
Besides, it was also mentioned that Vedanta Limited is in talks with the banks tie up the funds, this whole thing is in talks for the further advanced stage, however, Both Vedanta and JP Morgan declined to comment on this matter.
Earlier in the last month, Vedanta showed interest in buying the government’s 53% stake in BPCL and 22 % through an open offer which completes the total 75 percent stake in BPCL.
For Vedanta which will cost Rs 64,200-97,600 crore depending on the price ( ?395 to 600 per share), according to the report.
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