Vedanta thank-you for ex-Billiton man

FORMER BHP Billiton chief executive Brian Gilbertson is to be given a 1% stake in Indian mining and metals group Vedanta Resources when it floats next month.

Anil Agarwal, the 'Bollygarch' who founded the business in 1976, is handing over some of his own shares to the South African as a thank-you for helping to bring it to market.

Pricing details today revealed Vedanta hopes to raise $700m (£414m) by selling more than 126.5m shares, or 45% of the company, to institutional investors at between 360p to 450p.

Sources said the group's market value would be about £1.5bn when shares begin trading in early December, netting Agarwal a paper fortune of nearly £800m.

He will be paid £425,000 as chief executive while Gilbertson will receive £350,000 as chairman. Vedanta owns aluminium, zinc and copper interests in India and Australia.