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In a post offer announcement, Vedanta confirmed that the company will remain listed on the stock exchanges, BSE and NSE. The move came weeks after the firm's failed attempt to delist Vedanta Ltd from Indian stock exchanges. No final application would be made to delist any of the shares on these bourses, nor for deregistration of equity shares with the SEC. Vedanta announced that it was able to garner offers for only around 125 crore shares instead of the 134 crore shares required for the delisting process to go through. Vedanta Ltd stepped closer to being delisted from Indian bourses after 137.74 crore shares were tendered at the close of the buyback offer made by the promoters. By clicking 'Accept' on this banner or by using this website, you consent to the use of cookies unless you have disabled them. The move came weeks after the firm's failed attempt to delist Vedanta Ltd from Indian stock exchanges. Vedanta, which was trading on both the exchanges went for voluntary delisting of its shares from the share market. Metals and mining conglomerate Vedanta, on May 12, announced its holding company’s plans to delist the Indian business. GET ACCESS TO STOCK REPORTS+ AND TRADING IDEAS, OPEN IIFL DEMAT ACCOUNT AND JOIN 10L+ HAPPY CLIENTS. The move comes weeks after the firm's failed attempt to delist Vedanta Ltd from Indian stock exchanges. Merger with another company. Around 12.32 crore tendered shares could not be confirmed by the end of the RBB process. Vedanta’s decision to delist follows Vedanta Resources, one of the promoter group firms, making an indicative offer of Rs 87.50 to buy out all the public shareholders in the company. Updates on Vedanta delisting. "All equity shares tendered in the delisting offer shall be returned to the respective public shareholders," Vedanta further announced. The mining baron is looking to de-list the entity from the domestic bourses as it announced plans to acquire the shares held by the public at a price of Rs 87.5 per share. By clicking on Signup, you agree to the Terms and conditions, Open DEMAT + Mutual Fund Account with IIFL, Already a IIFL Securities Account Holder? Vedanta has given an indication of INR 87.5 to delist the shares. Common reasons behind voluntary delisting are. They had even have raised $3.15 billion (about Rs 24,000 crore) to fund the delisting. A-, May 13, 2020 12:22 IST 90 per cent shares are required to delist the firm, which comes to 320.49 crore. | "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc. The floor price for the delisting of shares had been set at Rs 87.25 per share but majority of the stocks tendered till Friday by public shareholders were in the range of Rs 140-150 per share. ), you need not undergo the same process again when you approach another intermediary." Vedanta Resources has agreed to buy back the public shareholding of Vedanta Ltd at a price of Rs87.50 per share; a small discount to the current market price. What upset the Vedanta plan is the decision by LIC, which holds 6.37 per cent in Vedanta, to submit all its shares at a price of Rs 320, a 266 per cent premium over the floor price of Rs 87.25 per share. 90 per cent shares are required to delist the firm, which comes to 320.49 crore. No: INP000002213, IA SEBI Regn. If you do not consent, do not use this website. Vedanta Resources (VRL) and other promoter group companies have received stock exchange approval for delisting the shares of Vedanta. What this meant was that, if the delisting was successful, promoters would have to delist the shares at Rs 320 per share. This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes. At the price of Rs87.50, the total outflow for Vedanta … By clicking on submit button, you authorize IIFL & its representatives & agents to provide information about various products, offers and services provided by IIFL through any mode including telephone calls, SMS, letters etc. India Infoline News Service, A+ Promoters of the … Promoters of the company needed 134.1 crore shares to complete the delisting process. You must have heard of Vedanta delisting that took place this month. Vedanta said that 125.47 crore shares were validly tendered by … Below is the timeline on how the process will play out. Discovered price refers to the bid prices of the shares that help the delisting process cross its acceptance level, which was 134.1 crore shares in the case of Vedanta. The holding company — Vedanta Resources — … Open IIFL Demat Account And Join 10 Lac+ Happy Clients. A-, Get Access to Stock Reports+ and Customised Investment Ideas. At the end of the five-day reverse book building (RBB) process, which ended on October 9, Vedanta acquired only 125.47 crore shares, the listed confirmed. The Vedanta delisting plan is that it is voluntary, and it is being done to simplify the complex business structure. This requires 90 per cent acceptance from all stakeholders. How investors will see it and what impact will the development have on the price … In the delisting exercise, Vedanta proposed to purchase equity shares from the shareholders at an exit price and subsequently get the shares delisted from the stock exchanges. Stock Broker SEBI Regn. For more information, read the "Cookie Policy" under Online Privacy Policy. It further added its American Depository Schemes will remain listed on the New York Stock Exchange (NYSE) and its equity shares will remain registered with the Securities and Exchanges Commission (SEC) in the US. The exit price was to be determined by a reverse book building process. Click Here to trade, Start investing in Equities, Derivatives, Mutual Funds and Currency. / Email Address to reset your password. This was at ~10% premium when the company made announcement. According to data available from stock exchanges, 137.74 crore shares were tendered at various price levels starting from Rs 87.25 a share. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others. Vedanta failed to complete its delisting process as promoters failed to secure the required number of shares the end of reverse book building process. Promoters already have 186.36 crore shares, and they needed an additional 134.12 crore out of the public shareholding of 169.73 crore. On 24th June’20, firm got shareholder’s nod for delisting. A harbinger of good times? In this case, the buyback price offered to the shareholders is more price than the prevailing stock price. ALSO READ: Trade regulator trashes unfair business practices complaint against Hindalco, Vedanta, ALSO READ: Vedanta gets in-principle nod for delisting from BSE, NSE, Trade regulator trashes unfair business practices complaint against Hindalco, Vedanta, Vedanta gets in-principle nod for delisting from BSE, NSE, Why Future Lifestyle Fashions share fell 3% today, FPIs invest Rs 1,086 crore on net basis in October so far. For more information, read the "Cookie Policy" under, Aims, Objectives and Importance of Demat Account, Documents Required to Open a Demat Account, Difference Between Demat and Trading Account, Documents Required to open a Demat Account, Difference Between Demat and Trading Account, Difference between NRE, NRI and NRO Account. Shares of Vedanta Limited ended at Rs 122.10 per share on Friday, up 3.83 percent from their previous close. Later in June, in a special resolution by postal ballot, 93.3 per cent of all shareholders and 84.3 per cent of public shareholders approved delisting of shares of Vedanta. "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," the statement added. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. Shares of the company on Tuesday surged almost 12% to close at Rs 89.30 . Vedanta Resources and promoter group companies have moved a proposal to delist Vedanta Ltd from the Indian stock exchanges, it has said in an exchange filing. You have unlocked 3 Free StockReports+ downloads. Bankers to Vedanta - DAM Capital and JP Morgan - had attributed the setback to technical glitches in the BSE tendering website, which affected public participation, and had even approached the Securities and Exchange Board of India (SEBI) seeking a one day extension in the confirmation deadline, reports suggested. Vedanta's delisting offer is deemed to have failed in terms of the delisting regulations, the company announced. It is at your, the user's, discretion to proceed with accessing this website. On May 12, Vedanta Resources PLC, the holding company of Vedanta Ltd of India announced its decision to delist the Indian company from all stock exchanges. you confirm that laws in relation to unsolicited communication referred in National Do Not Call Registry as laid down by Telecom Regulatory Authority of India will not be applicable for such information/ communication. 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