Categories: Business

anil agarwal to delist Vedanta from Indian stock exchange

Photo: PTI

Anil Agarwal to delist vedanta

new Delhi. Billionaire businessman Anil Aggarwal announced on Tuesday that he would buy back all the public shares of Vedanta Ltd, a listed company in India, to make it his private company. That is, the company will be delisted from the domestic stock market. Vedanta Limited, a company of Agarwal-controlled Vedanta Resources Group, will offer a buyout of Rs 87.5 per share to buy shares from around 49 per cent of its public shareholders.

The proposed price is 9.9 percent premium to Monday's closing price. However, the closing price of Vedanta Ltd. shares in the Bombay Stock Exchange (BSE) stood at Rs 89.30 per share on Tuesday. Vedanta Limited has informed the stock market that its promoter group, Vedanta Resources, has plans to acquire all the fully paid-up equity shares of the company either alone or in association with one or more subsidiaries of the group. In this, all the shares held with the public shareholders of the company will be purchased. Vedanta Resources Limited (VRL), along with other members of the promoter group, currently holds 51.06 per cent shares of Vedanta Limited while the public shareholders hold 169.10 crore i.e. 48.94 per cent shares of the company.

This post was published on May 13, 2020 1:16 am

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