Billionaire Agarwal Walks Away From Anglo American Stake (2)

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.

Agarwal will likely make about $500 million from his investment and pocket between $200 million and $300 million after fees, according to people familiar with the matter who asked not to be identified. It’s a small gain considering Anglo shares have soared more than 80% since March 2017, when Agarwal ...