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Last Updated Tuesday December 12 2017 12:13 AM IST

Indian billionaire Agarwal buys 11.4 pc of miner Anglo American

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Anil Agarwal Anil Agarwal

London: Indian billionaire Anil Agarwal has become the second largest shareholder in Anglo American after acquiring 11.44 percent of the British mining group, the group said on Friday.

According to a notice posted on the London Stock Exchange, the Volcan Holdings investment company owned by Agarwal's family now owns 11.44 percent of the group's capital and voting rights following Tuesday's share purchase.

It is now the second largest shareholder behind South Africa's Public Investment Corporation, which owns more than 13 percent.

Agarwal's investment is believed to be worth 1.9 billion pounds ($2.4 billion). The company's market capitalization is around 16.4 billion pounds.

The transaction for a total of 16,06,85,162 shares took place on Tuesday, the London Stock Exchange (LSE) notice said.

Volcan also owns mining competitor Vedanta Resources, which specializes in zinc. Agarwal last month told the FT Global Commodities Summit that he did not intend to seek a seat on Anglo-American's board.

"This is an attractive investment for our family trust. Anglo American plc is a great company with excellent assets and a strong board and management team who are executing a focused strategy to drive shareholder value. I am delighted to become a shareholder in Anglo American plc," Agarwal had said.

Volcan is a holding company wholly owned by the Agarwal family trust and the investment has been described as a personal investment made by the family trust.

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