Indian metals-to-oils conglomerate Vedanta Ltd said on Friday it plans to spin off and list six of its companies to attract big-ticket investment to help the expansion and growth of each of the businesses.
The company wants to get better valuation for its units through the spin-off, a source with direct knowledge of the move told Reuters on Thursday.
Vedanta, the Indian unit of UK-based Vedanta Resources, is currently valued at 823.83 billion rupees ($9.92 billion), having lost about a third of its market capital so far this year.
Shares of Vedanta rose 6.8% on Thursday following reports of the split.
Vedanta to spin off; will demerge aluminium, oil and gas, power, steel into separate firms
