On Saturday, Vedanta Ltd said its delisting has deemed to have failed as per regulations and made a post-offer public announcement on the same.
"In connection with the aforesaid delisting offer, we have been informed by Vedanta Resources Limited and its indirect subsidiaries namely, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, (collectively to be referred as "Acquirers") that the Delisting Offer is deemed to have failed in terms of Regulation 19(1) of the Delisting Regulations," the company said in a stock exchange filing.
Promoters of the metal major required 134.1 crore shares to be successfully delisted from the exchanges. However, their five-day reverse book building (RBB) process, which ended on 9 October, saw only 125.47 crore confirmed bids.
"The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer is 1,25,47,16,610 Offer Shares, which is less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful in terms of Regulation 17(1)(a) of the Delisting Regulations," its post offer public announcement said.
"Accordingly, the acquirers will not acquire any equity shares tendered by the public shareholders in the delisting offer and the equity shares of the Company will continue to remain listed on the stock exchanges. The company's American Depositary Shares ("ADS") will continue to remain listed on the New York Stock Exchange ("NYSE") and the company's equity shares will continue to remain registered with the Securities and Exchange Commission ("SEC")," it added.
"All Equity Shares tendered in the Delisting Offer shall be returned to the respective Public Shareholders in accordance
with Regulation 19(2)(a) of the Delisting Regulations," it said.
Shares of Vedanta closed at Rs 122.10 on the BSE on Friday.