LONDON: Indian billionaire Anil Agarwal, once the biggest shareholder in Anglo American Plc, plans to exit his stake in the diversified mining company.
Volcan Investments Ltd, Agarwal’s holding company, will unwind the position by calling an exchangeable bond, part of an unusual structure that effectively gave him the shares on loan. Cairn India Holdings, an offshore unit of Vedanta Ltd, said separately that it ended a structured investment in Anglo agreed with Volcan in December that netted a gain of about US$100mil in the eight-month period it was held.