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Billionaire Anil Agarwal announces plans to delist Vedanta from NSE, BSE at ₹87.5/share

Billionaire Anil Agarwal has announced plans to delist Vedanta from the Indian stock exchanges. Agarwal has proposed a price of ₹87.5 per share to buyout the 49% owned by minority investors, a 9.9% premium over Monday's closing price ₹79.6.

13th May 2020 | 12:57 PM (IST)
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Mining baron Anil Agarwal plans to take the India-listed Vedanta Ltd. private and delist it from the Indian stock exchanges at a price of ₹87.5 each, or a 9.9% premium over Monday’s closing price of ₹79.6.

The company has received a letter dated May 12, 2020 from promoter group Vedanta Resources Ltd. (VRL) expressing its intention to either individually, or along with one or more subsidiaries, acquire all fully paid-up equity shares of the company that are held by the public shareholders of the company and consequently, voluntarily delist the equity shares from the BSE and NSE.

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Vedanta shares closed up 12.19%, or ₹89.3, on the BSE, valuing the company at ₹33,194.5 crore.VRL along with the other members of the Promoter Group presently hold 51.06% of the paid-up equity share capital of the company, excluding American Depository Shares (“ADS”) issued by the company and the public shareholders hold remaining 48.94% stake, including the equity shares held by the Employee Trust.

If the ADRs are converted in equity shares, the promoter stakes will come down to 50.14% and public shareholding will go upto 49.86% in the company.

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13th May 2020 | 12:57 PM (IST)
38 views
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