Delisting offer of Vedanta Limited fails

Certain members of the promoter and promoter group of Vedanta Limited ("Company"), namely, Vedanta Resources Limited and its wholly owned step down subsidiaries namely, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited (collectively, to be referred as "Acquirers"), have made an announcement to the public shareholders of the Company, in regard to the proposed acquisition of fully paidup equity shares having face value of INR 1/- (Indian Rupee One only) each ("Equity Shares") held by the Public Shareholders, and consequent voluntary delisting of the Equity Shares from the stock exchanges where they are listed namely, BSE Limited ("BSE") and National Stock Exchange of India Limited. The Equity Shares are also currently 'permitted to trade' on the Metropolitan Stock Exchange of India Limited.

The Public Shareholders holding Equity Shares were invited to submit Bids pursuant to the reverse book building process conducted through the Stock Exchange Mechanism made available by BSE during the bid period (05 October 2020 to 09 October 2020).

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.

Accordingly, the Acquirers will not acquire any Equity Shares tendered by the Public Shareholders in the Delisting Offer and the Equity Shares of the Company will continue to remain listed on the Stock Exchanges. The Company's American Depositary Shares ("ADS") will continue to remain listed on the New York Stock Exchange ("NYSE") and the Company's Equity Shares will continue to remain registered with the Securities and Exchange Commission ("SEC"). Further, no final application shall be made to the Stock Exchanges for delisting the Equity Shares, and no application will be made to the NYSE for delisting of the ADS nor for deregistration of the Equity Shares with the SEC.

All Equity Shares tendered in the Delisting Offer shall be returned to the respective Public Shareholders.

Shares of Vedanta Limited was last trading in BSE at Rs.122.1 as compared to the previous close of Rs. 117.6. The total number of shares traded during the day was 7302147 in over 39144 trades.

The stock hit an intraday high of Rs. 128.5 and intraday low of 111.5. The net turnover during the day was Rs. 876209377.

Source : Equity Bulls

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