Billionaire Anil Agarwal-controlled Vedanta on Tuesday said it has received in-principle approval from stock exchanges — BSE and National Stock Exchange of India (NSE) — for delisting.
Earlier Vedanta Resources Ltd. (VRL) and its subsidiaries issued a public announcement with regard to the delisting offer.
About Vedanta
Vedanta Resources Limited is a global diversified metals and mining company with its headquarters in London, United Kingdom.
It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia and oil and gas operations in three countries.
Its main products are Zinc, Lead, Silver, Oil & Gas, Iron Ore, Steel, Aluminium and Power.
It has also developed commercial power stations in India in Odisha (2,400 MW) and Punjab (1,980 MW)
Where it Starts from?
The company in May had announced its decision to delist from the domestic stock exchanges by buying out non-promoter shareholding.
In June this year, Vedanta had received shareholders nod for delisting the company. The firm through a postal ballot had sought shareholders nod to delist the entire public holdings
Vedanta Resources has since then mobilised $3.15 billion to fund the delisting $1.75 billion from banks for a 3-month term loan facility and another $1.4 billion from 3 year-amortising bonds.
Vedanta Resources and its wholly-owned indirect subsidiaries – Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II – have also issued a public announcement with regard to the delisting offer on Tuesday.
Holdings with public
VRL, which owns 50.1 percent of Vedanta, offered to acquire all of the balance 49.9 percent shareholding held by the public and delist the company.
Floor Price
When Vedanta had announced its intention to voluntarily delist its Indian subsidiary in May 2020, it set an indicative floor price of Rs 87.5 per share.
Bid opening date
The company fixed October 5 as bid opening date for delisting offer and October 8 for upward revision or withdrawal of bids.
Date of exit
Vedanta has also fixed October 16 as the last date for the announcement of discovered price or exit price.
Stock Market impact
Shares of Vedanta were trading 0.18 percent higher at Rs 139.30 apiece on BSE.
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