As the open offer of Vedanta ended yesterday, market guru and Zee Business Managing Editor Anil Singhvi urges investors to hold the stock amid the splendid valuation of the company and predicts it would certainly rise going forward.

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While discussing the dull response to the Vedanta's buyback open offer of 65 crore shares at Rs 325 per share, market guru Anil Singhvi says, data shows that only half (37.42 crore) of the overall offer shares have been tendered during this open offer.

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The promoters of major metal company had aimed to increase their stake in the company by 17.5 per cent during this latest open offer that had launched from March 23, 2021.

This is not the second such attempt of open offer in this year. The promoters had issued an announcement on January 9, 2021, for a voluntary open offer for the acquisition of up to 37.17 crore shares, representing 10 per cent of stake at a price of Rs 160 apiece.

Singhvi explains even the big brother LIC, who is the second largest shareholder in the company, sees huge valuation. When the promoters had given delisting offer at Rs 87.40 apiece, LIC had valued the stock to soar over Rs 320 per equity share.

Promoters were ready to give Rs 235 per share during this open offer with a rise of 40 per cent, to increase their stake in the company, but market turned down their offer and hesitate to give up their stake in Vedanta, Singhvi further explains.

He also banks on the strong bull run in the metal and commodity cycle, other factors that increase the valuation of the company

This flop show is clear indication that what the market thinks about the valuation of Vedanta, he adds. Mentioning further be it at Rs 87.40, Rs 160-170 or Rs 235-240, Singhvi says, Vedanta would rise amid strong valuations and suggests investors to hold till Rs 300-325 per share.

He also affirms that the correction in the share price won't stop the bull rally of this stock, as we may see some correction with a difference of Rs 10-15 in the stock.