Business

Vedanta gets in-principle nod for delisting from BSE, NSE

Billionaire Anil Agarwal of the Vedanta group | File  

Billionaire Anil Agarwal-controlled Vedanta on Tuesday said it has received in-principle approval from stock exchanges — BSE and National Stock Exchange of India — for its delisting from the bourses.

Post approval, the company’s parent Vedanta Resources (VRL) and its subsidiaries issued a public announcement with regard to the delisting offer.

”...BSE and National Stock Exchange of India have issued their in-principle approval for the delisting offer pursuant to their letters each dated September 28, 2020, Vedanta said in a regulatory filing.

Vedanta Resources and its wholly-owned indirect subsidiaries - Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II - have also issued a public announcement with regard to the delisting offer on Tuesday.

In June this year, Vedanta had received shareholders’ nod for delisting the company. The firm, through a postal ballot, had sought shareholders’ nod to delist after VRL offered to buy out about 49.9% of public shareholding at a price of ₹87.5 per share.

VRL, which owns 50.1% of Vedanta, offered to acquire all of the balance 49.9% shareholding held by the public and delist the company.

On May 18, Agarwal-chaired board of directors of Vedanta approved its parent VRL’s open offer.

Shares of Vedanta were trading 0.18 per cent higher at ₹139.30 apiece on BSE.

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Printable version | Oct 23, 2020 4:46:28 AM | https://www.thehindu.com/business/vedanta-gets-in-principle-nod-for-delisting-from-bse-nse/article32721443.ece

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