Vedanta shares climb nearly 4 pc; market valuation jumps Rs 3,085 cr
Shares of Vedanta Ltd climbed nearly 4 per cent on Tuesday after the announcement of a major business shake-up.The stock ended at Rs 230.80 apiece, up 3.73 per cent on the BSE.
Shares of Vedanta Ltd climbed nearly 4 per cent on Tuesday after the announcement of a major business shake-up.
The stock ended at Rs 230.80 apiece, up 3.73 per cent on the BSE. During the day, it jumped 5.07 per cent to Rs 233.80.
On the NSE, it climbed 5 per cent to Rs 233.75 in intra-day trade. Later, it ended at Rs 230.95 per share, a gain of 3.77 per cent.
The company's market valuation jumped Rs 3,085.07 crore to Rs 85,792.90 crore.
On the volume front, 31.12 lakh shares of the firm were traded on the BSE and over 4.67 crore shares on the NSE during the day.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of a lucrative zinc unit planned as part of value creation and reducing debt load.
Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement.
The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
On Friday, the board of Vedanta approved the ''demerger of business units into independent 'pure play' companies to unlock value and attract big-ticket investment into expansion and growth of each'' of them.
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