Vedanta board approves delisting, shares tank

The board of directors of Anil Agarwal-led Vedanta Limited on Monday evening approved the delisting plan after reviewing the due diligence report dated May 18, 2020 from SBI Capital Markets Limited.On May 12, the company received a letter from its promoter firm Vedanta Resources Limited to buy the public shareholding of Vedanta Limited ₹87.25 per share.Also read | Vedanta delisting is opportunistic: report”Approval was granted to the Company to seek shareholders’ approval for aforesaid Delisting Proposal by way of special resolution through postal ballot and e-voting, and in this regard the draft of the postal ballot notice and the explanatory statement thereto were also approved,” said the company in a statement.Vedanta Ltd shares on BSE almost tanked 2% to ₹90.75 in a firm Mumbai market on Tuesday morning.The Company was authorized to dispatch the said postal ballot notice and the explanatory statement to the shareholders in accordance with applicable laws; and obtain approval of the Stock Exchanges in accordance with the provisions under the Delisting Regulations and/ or any other regulatory/ government authority in India and/ or abroad.The company has appointed Mr. Upendra C. Shukla, Practicing Company Secretary as the scrutinizer in terms of the Companies Act to conduct the process of the postal ballot un a fair and transparent manner.According to proxy advisory firm Institutional Investor Advisory Services (IiAS), the delisting floor price at ₹87.25 per share unfair and the shareholders should have ideally got base price of ₹225 per share.However, the final offer price for the Delisting Proposal will be determined in accordance with the reverse book building mechanism set out in the Delisting Regulations.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper
Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access
Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations
A select list of articles that match your interests and tastes.

Faster pages
Move smoothly between articles as our pages load instantly.

Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing
We brief you on the latest and most important developments, three times a day.

Not convinced? Know why you should pay for news.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

Recent Articles

Baleno crosses 8 lakh cumulative sales milestone: Maruti Suzuki

The nation’s largest carmaker Maruti Suzuki India on Monday mentioned its premium hatchback Baleno has crossed the eight lakh cumulative gross sales milestone...

Business News | Stock and Share Market News

By Market Capitalisation. Internet Gross sales. Internet Revenue. Complete Property. Excise. Different Earnings. Uncooked Supplies. Energy & Gas. Worker Value. PBDIT. Curiosity. Tax. EPS. Investments. Sundry Debtors. Money/Financial institution. Stock. Debt. Contingent Liabilities. Display screen Crit Abrasives Aerospace & Defence Agriculture Air Conditioners Airways Aluminium & Aluminium Merchandise Amusement Parks/Recreation/Membership Aquaculture Auto Ancillaries Auto...

Appeals Court Says Uber and Lyft Must Treat California Drivers as Employees

OAKLAND, Calif. — Uber and Lyft should deal with their California drivers as workers, offering them with the advantages and wages they're entitled...

Amazon wins interim relief; Future-Reliance deal put on hold

Amazon believes Future Group violated the contract by getting into right into a take care of rival Reliance. Amazon on October 25 gained an...

Business News | Stock and Share Market News

By Market Capitalisation. Web Gross sales. Web Revenue. Whole Belongings. Excise. Different Earnings. Uncooked Supplies. Energy & Gasoline. Worker Value. PBDIT. Curiosity. Tax. EPS. Investments. Sundry Debtors. Money/Financial institution. Stock. Debt. Contingent Liabilities. Display screen Crit Abrasives Aerospace & Defence Agriculture Air Conditioners Airways Aluminium & Aluminium Merchandise Amusement Parks/Recreation/Membership Aquaculture Auto Ancillaries Auto...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox