Vedanta makes buyout offer to delist from BSE, NSE
Vedanta Ltd has announced a proposal to delist from Indian stock exchanges BSE and NSE with promoter group Vedanta Resources making an offer to buy out the 48.94 per cent non-promoter shares.
- Country:
- India
Vedanta Ltd has announced a proposal to delist from Indian stock exchanges BSE and NSE with promoter group Vedanta Resources making an offer to buy out the 48.94 per cent non-promoter shares. The company led by billionaire Anil Agarwal has offered Rs 87.5 per share which represents a premium of 9.9 per cent over its May 11 closing market price.
The board of directors has been scheduled to meet on May 18 to consider the proposal for voluntary delisting of equity shares of the company. Vedanta's promoter group Vedanta Resources has "expressed 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 public shareholders," it said in regulatory filings at BSE Ltd and NSE of India.
"The group believes that delisting of Vedanta Ltd is the next logical step in this simplification process and will provide the group with enhanced operational and financial flexibility in a capital intensive business," it said. "Vedanta Group maintains its strategic priority of attaining leadership in diversified natural resources, underpinned by growth while maintaining a flexible capital structure," the company said. (ANI)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Vedanta
- Indian
- Vedanta Ltd
- NSE
- Anil Agarwal
ALSO READ
Indian stock markets shut for Eid celebrations
Indian students in Israel thank embassy for timely assistance, helping hand to fly home after Hamas attacks
Payal Kapadia's 'All We Imagine As Light' is 1st Indian film in Cannes official selection in 40 yrs
Malabar Gold & Diamonds Achieves Record Annual Turnover Exceeding Rs 50,000 Crore Indian Rupees
Indian stock market will be volatile on Friday, following expectation of rate cut delay in US: Experts