Vedanta Resources announces US$250 mln share buyback programme

Vedanta Resources PLC announced a $250 million share buy-back programme to purchase up to 10 percent of the ordinary shares in issue. It said given the recent share price decline and current market conditions, the board of believes that such a buyback programme would be value enhancing for its shareholders. In addition, the board will continue to seek opportunities to consolidate minorities within the group, in line with its stated strategy. Vedanta's major shareholder, Volcan Investments Ltd, will not participate in the buyback. Vedanta will only use a small part of its substantial cash balances of over US$5.0 billion and will remain well capitalised to fund its organic growth programme. Source：Proactive Investors