Anil Agarwal-led Vedanta Resources Plc on Tuesday raised the open offer price for buying shares in its flagship Indian firm to Rs 235 per share, nearly 4 per cent higher than the current trading price.

In January, Vedanta Resources had offered to buy up to 10 per cent in Vedanta Ltd at Rs 160 apiece.

Meanwhile, Vedanta Resources Finance II plc, a wholly-owned indirect subsidiary of Vedanta Resources Ltd VRL), has issued bonds worth $ 1.2 billion which will become due in March 2025.

Last month, Vedanta Resources while announcing the pricing of the bonds has said that they will be guaranteed by the company and its wholly owned indirect subsidiaries — Twin Star Holdings Ltd and Welter Trading Ltd.

The company had disclosed that proceeds of the bonds will be used for the acquisition of equity shares of its Indian subsidiary, if decided and in accordance with applicable laws.

The rest of the proceeds, if any, will be used primarily to service existing debt of the guarantors.

The bonds which were offered were sold in a private offering to qualified institutional buyers (QIBs).

In a regulatory filing on Tuesday, Vedanta Ltd, the Indian arm, said that Citicorp is acting as a trustee for the holders of the bonds, As per the terms and conditions of the bonds, the promoter group entities are not permitted to create any encumbrance over any assets directly held by them unless certain conditions are fulfilled.

Further, Vedanta Resources and its subsidiaries are required to retain control over Vedanta Ltd or, directly or indirectly, own more than 50 per cent of the equity of the latter for so long as the bonds are outstanding.

The fund raising comes ahead of an open offer in its India unit where it is looking to buy as many as 37.17 crore or 10 per cent, at Rs 160 per share. At that price, the total consideration of the deal would be about Rs 5,948 crore.

The bond issue had received a good response with reports saying that it got $2.6 billion in offers from about 150 accounts.