Vedanta Ltd, which plans to delist its shares has got permission from the two major stock exchanges in the country, where the shares are listed.
"In connection with the delisting offer, this is to inform you that BSE Limited and National Stock Exchange of India Limited have issued their in-principle approval for the delisting offer pursuant to their letters each dated September 28, 2020. Vedanta Resources Limited and its wholly owned indirect subsidiaries namely, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, have issued a public announcement with regard to the delisting offer on September 29, 2020, in accordance with Regulation 10(1) of the Delisting Regulations in the newspapers," Vedanta said in a filing to the exchanges.
Following the in-principle approval, Promoter is likely to make public announcement ("PA") and dispatch letter of offer (containing material information in relation to the Delisting Offer) ("LOF") along with bid form to the Public Shareholders.
The bidding period (open for 5 working days) to be commenced within seven working days of the PA during which the Public Shareholders may tender their bids. The final exit offer price will be determined as the price at which Equity Shares accepted through eligible bids, that takes the shareholding of the Promoter (along with the persons acting in concert) to at least 90% of the paid up equity share capital of the Company, excluding the Equity Shares which are then held by a custodian and against which ADS have been issued
Upon the discovery of the final exit offer price, the Promoter will have the option either to accept or reject the final exit offer price. In case, the final exit offer price is not acceptable to the Promoter, it will have an option to make a counter offer within two working days from the discovery of final exit offer price.
The shares of Vedanta were trading at Rs 137, marginally higher today.