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.
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