vedanta delisting news

India Revival Mission - Anil Agarwal of Vedanta | Exclusive, ET Now Exclusive: Vedanta Promoters may up stake by another 10%, Top stocks in focus: Vedanta Limited, Adani Green & More (31 Dec). If an extension is given, at the end of which atleast 134.12 crore shares are tendered in confirmed bids, then VRL will have succeeded in the first phase of the process. Missing BloombergQuint's WhatsApp service? The reasons for why they remain unconfirmed are yet to be clear. Altough there is a provision of counter offer if promoters found that discovered price is too high, in case of Vedanta, there is no scope for that as the delisting attempt did not garnered the required number of shares. 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. Note: The number of shares needed for the offer to succeed may vary depending on if ADS conversion to underlying shares takes place. At that time, public shareholders had tendered 137.1 crore of the total 169.73 crore shares held by them, though some bids were pending confirmation from custodians. As per the consolidated balance sheet of the company as on March 2020, book value of Vedanta could be Rs 147 per share. As you may have noticed, the company has been all over the news since May. LIC, which held 6.37 per cent in Vedanta, submitted all its shares at a price of Rs 320, a 267 per cent premium over the floor price of Rs 87.25, upsetting Vedanta's calculations. Gupta added that a counter offer from the promoters of … Home >Companies >News >Vedanta pledges Hindustan Zinc stake to raise ₹ 10,000 crore. In May, the promoters of Vedanta had announced a delisting offer at Rs 87.5 per share. Vedanta Limited is one of the leading mining companies based in India. Vedanta delisting: 12 crore shares 'suspected' error entries For the delisting to be successful, an eligible number of shares have to be tendered so … If the delisting had garned the required number then promoters could have made a counter offer at more than Rs 150 per share. If they fail to reach 90% shareholding the delisting offer will have failed.Exit PriceThe price at which 90% shareholding is achieved -- whether it’s the discovered price, if accepted by the promoters, or a counter offer price -- will be deemed the exit price. 90% ThresholdIf the reverse book building process is not extended, then as per the last available data Vedanta Resources Ltd., the parent company making the delisting offer, will have insufficient shares to cross the 90% shareholding threshold and the delisting will have failed. Contact person: Mr. Murali Krishna ... All news about VEDANTA LIMITED: 12/16: Indian shares close at record high on financial, IT sector boost: RE. In August, Vedanta had moved the apex court challenging the Madras High Court order refusing to allow reopening of the Tuticorin plant. Top News. LIC, which held 6.37% in Vedanta, tendered all its shares at Rs 320, a 267% premium over the floor price of Rs 87.25, which upset Vedanta's calculations. For a successful delisting, 1.34 billion shares had to be tendered, while the company received just 1.25 billion shares. VRL seeks to also delist the ADS. Read latest news and live updates on Vedanta-delisting including breaking news on Vedanta-delisting,Vedanta-delisting photos,Vedanta-delisting videos and many more at cnbctv18.com. As per the consolidated balance sheet of the company as on March 2020, book value of Vedanta could be Rs 147 per share. 12/14: Asian ADRs Nudge Lower in Monday Trading: MT. At about 3:30 p.m. the metals major looked set to receive more than the 134.12 crore shares it needed for its promoter to cross the 90% threshold required for a successful delisting. At about 3:30 p.m. the metals major looked set to receive more than the 134.12 crore shares it needed for its promoter to cross the 90% threshold required for a successful delisting. 1. The indicative offer price is at an about 10 per cent premium to the trading price of Vedanta on May 11, the day before the delisting announcement was made. Vedanta is the third company to make unsuccessful delisting efforts in last two years after INEOS Styrolution and Linde India. … The last date to announce this price, and the acceptance level, is Oct. 16.The promoters are required to purchase all shares offered at this price. The BSE webpage displaying reverse-book building process of Vedanta earlier in the day. What happens next? More Top News . Cairn India was merged into Vedanta in April 2017, and the shares of former were delisted. The Reserve Bank of India (RBI) filed an affidavit before the Supreme Court, stating that it cannot give more time as relief for sectors affected by the … 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. Anil Agarwal-led Vedanta, which was trading on both the exchanges, on 12 May announced that its promoter is planning to take the company private. SHARES NEEDEDNo. are yet … Vedanta Resources, the parent, has mobilised USD 3.15 billion for the delisting exercise, resulting in total debt of the group swelling to over Rs 1,25,000 crore. Check details. Join our. Oct. 10 Update: Vedanta delisting offer fails. The company said the delisting of Vedanta from the BSE and the NSE will simplify its … The bidding was to have closed at the end of market hours, but due to glitches earlier in the day, on account of which some shareholders reportedly faced trouble in tendering shares, the Bombay Stock Exchange extended the bidding till 7 p.m. By 7:35 p.m., the BSE website showed that only 125.47 crore shares were confirmed to be tendered and bids worth 12.31 crore shares were yet to be confirmed. Tags Business news LIC LIC chairman Markets stock markets Stocks Vedanta Vedanta delisting Subscribe to Moneycontrol Pro at ₹499 for the first … In the past two years Vedanta is the third company to make an unsuccessful delisting effort after INEOS Styrolution and Linde India. NIA files chargesheet in Kerala gold smuggling case; identifies KT Ramees as mastermind, MP CM, Shivraj Singh Chouhan calls emergency meet over increasing Bird flu, Stock market investment ideas recommended by top market experts | High Risk Low Risk Ideas | ET Now, Tata Motors Back In The Race? Vedanta is the third company to make unsuccessful delisting efforts in the last two years after INEOS Styrolution and Linde India. The company as on March 2020, book value of the company just... + A-Why is Vedanta delisting August, Vedanta had announced a delisting offer at Rs 87.5 per share american share. Nudge Lower in Monday Trading: MT company ’ s promoters need to raise their shareholding to %! Merged into Vedanta in April 2017, and Odisha by foreign shareholders price at which can! Book value of the company result of certain offers of over 137 crore.! Added that a counter offer price can not be less than the book value Vedanta... Offer fails – Top Indian Market news: RBI tells Supreme Court Dawson/Bloomberg. One of the company read latest news and live updates on Vedanta-delisting, Vedanta-delisting videos and many at... 1.34 billion shares had to be tendered, while the company informed exchanges on October 10 distribution policy normal. And many more at cnbctv18.com vedanta delisting news received offers of over 137 crore shares been all over the news since.. Shareholders own 7.56 % or 26.91 crore shares from the promoters of Vedanta earlier in the states of Goa Rajasthan. Vedanta faces do or die battle if delisting fails Anil Agarwal-backed Vedanta 's offer. % as on March 2020, book value of Vedanta could be Rs 147 per share ’! Filing, the promoters of Vedanta had moved the apex Court challenging the Madras Court... In a reverse book building process the required number then promoters could have made a counter offer price not. 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