For Quick Alerts
For Daily Alerts

Vedanta Receives In-Principle Approval For Delisting From SEBI


Vedanta on Tuesday (September 29, 2020) notified exchanges on receiving in-principle approval from SEBI for its delisting offer. The delisting offer or reverse book building process will open on October 5 while the bid closing has been fixed for October 9. Last date for upward revision or bid withdrawal is October 8.


Vedanta Receives In-Principle Approval For Delisting From SEBI

In May, the leading natural resources company took a decision to delist from the bourses by purchasing non-promoter shareholding. The public shareholding in the firm currently stands to be at 49.49 per cent or 183.98 crore equity shares.

At the time of announcing its intent to voluntarily delist its Indian arm, Vedanta set an indicative floor price of Rs. 87.5 per share. Since then the company has amassed $3.15 billion for financing the delisting process, including $1.75 billion from banks with a 3-month term loan facility and remaining $1.4 billion from 3-year amortising bonds.

And considering the outstanding public shareholding in the entity, if the parent company Vedanta Resources puts to use the entire sum of $3.15 billion, it can pay a maximum delisting price of Rs. 128 per share.

The exit price or discovered price shall be made known on October 16.

At around 12:32 pm, the stock of Vedanta was up 0.68% or Rs. 0.95 at Rs. 140 per share on the BSE.

Read more about: vedanta delisting
Story first published: Tuesday, September 29, 2020, 12:36 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X