Vedanta Resources has delayed its offer to buy a further 20% stake in iron-ore mining company Sesa Goa [Get Quote].
The offer was to initially begin on June 21, 2007. However, it has been postponed till further notice as Vedanta awaits a letter of approval from the Securities and Exchange Board of India.
Vedanta had agreed on April 23, 2007 to buy Mitsui's 51% stake in Sesa Goa for $981 million. It defeated rivals Arcelor Mittal and Aditya Birla group's Essel Mining & Industries in the race.
In an advertisement published on April 27, 2007, Vedanta and its two units had announced plans to buy a maximum of 78,72,404 shares of Sesa Goa for Rs 2,036 each, the same price it bid for Mitsui's shares.
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