Vedanta, the mining major will soon take the company private, the Chairman of the company announced on Wednesday.
As per the shareholding data for March end, the promoter holds 50.14% of the shares while 49.46% is held by public shareholders.
Vedanta will be offering 87.5 per share to buy the remaining 49% of the shares.
In a late evening stock exchange filing, the company said that its promoter group Vedanta Resources Limited will either individually or along with one or more subsidiaries would acquire all fully-paid equities of the company that are held by public shareholders.
As a result, the company closed 12.2% higher at 89.3 on the Bombay Stock Exchange.
Earlier in July 2018, Agarwal planned to delist the company from the London Stock Exchange. It was the first Indian company to get listed in the LSE in 2003. He completed the buyout in October 2018.