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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.

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    Ajay Nirmal
    Graduated from Mumbai University, Ajay brings in the latest news across sports, tech, and world news. Ajay loves talking on tech, latest news, and events.

    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.

    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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