Vedanta Slumps 15% After Delisting Fails

On Monday shares of Vedanta Ltd fell 15 percent to Rs 103.60 per share after the company's delisting failed to sail through.

On Saturday, the company said its delisting has deemed to have failed as per regulations and made a post-offer public announcement on the same.

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.

"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," it said in its statement.

"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 added.

According to a PTI report citing sources close to the officials privy to the development, Vedanta is now exploring with regulatory authorities if the reverse book building period could be extended by one day.