Vedanta Resources (LSE: VED) has announced an increased in its share repurchase programme from US$500 million to US$825 million after buying back 21.1 million shares for US$430 million, aiming to enhance its shareholder value.
Earlier this week, Vedanta increased the repurchase programme from US$350 million to US$500 million. The initial US$350 million programme aimed to repurchase 10% of the ordinary shares in issue.
The repurchase will be funded from the company’s cash balance of US$7.5 billion.
Shares in the company rose 2.5% on the news.
http://www.proactiveinvestors.co.uk/companies/news/15167/vedanta-resources-raises-share-repurchase-programme-to-us825-million-15167.html
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