Vedanta shares erase most of early gains; close over 1 pc higher

Shares of Vedanta Ltd on Wednesday shed most of its intra-day gains and settled just over 1 per cent higher due to profit-booking. In early trade, it rose sharply by 10 per cent after Anil Agarwal announced plans to delist his Indian flagship firm by buying out nearly 49 per cent of public shareholding at Rs 87.5 apiece.   On the BSE, the stock gained as much as 9.96 per cent to Rs 98.20 during the day. However, it closed just 1.01 per cent higher at Rs 90.20 on the back of profit-booking.

The scrip closed with a gain of 1.17 per cent at Rs 90.10 after zooming 9.99 per cent to Rs 97.95 during the day on the NSE. In traded volume terms, 90.23 lakh shares were traded on the BSE and 14.58 crore units were exchanged on the NSE. Vedanta, whose shares have fallen more than 40 per cent this year, houses commodity as well as oil and gas business.

The company had a market value of under Rs 33,200 crore going by Tuesday's closing price of Rs 89.30 on the BSE. At the offer price of Rs 87.5, Agarwal's Vedanta Resources will have to shell out Rs 16,218 crore to acquire all of the public shareholding.

In a regulatory filing, Vedanta said it has received a letter dated May 12, 2020, from Vedanta Resources Ltd (VRL) expressing intention to acquire all fully paid-up equity shares of the company that are held by the public shareholders..