Miner Vedanta Resources Limited on Tuesday confirmed that it would take its Indian unit Vedanta Ltd private, as it looks to accelerate simplification of its corporate structure amid the coronavirus crisis.

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The company said it will delist the unit from all stock exchanges and was willing to accept shares tendered in the offer at Rs 87.5 ($1.16) per equity share, a premium of 9.9 percent on Monday's closing stock price, but a discount of 1.7 percent over Tuesday's closing.

"Due to the impact of Covid 19 pandemic, we have accelerated the strategy in this challenging environment to ensure support for meaningful deleveraging and to enable us to continue to invest in the growth of the business," Vedanta Group chairman Anil Agarwal said.

Bloomberg had earlier reported that billionaire Agarwal was exploring a potential deal to take Vedanta Ltd private.

The Indian unit's delisting will provide Vedanta Resources, which owns a 36.8 percent stake in the unit, with enhanced operational and financial flexibility, as well as "transform" its credit profile, Vedanta Resources said.

The delisting is also expected to support an accelerated debt reduction program in the medium term.

In 2018, Vedanta Resources delisted itself from the stock exchange in London, where it had faced protests and legal action, and said buying out the London listing would simplify its structure and that the Indian market was deep enough to raise capital.

Hindustan Zinc will continue to be listed in India, said Vedanta Resources, which owns a 64.9 percent stake in the company.