Vedanta’s one of the members of the promoter and promoter group -- Vedanta Resources (VRL) 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 the public shareholders of the company.
VRL along with the other members of the promoter group presently hold 51.06% equity of the company. Public shareholders hold 169.10 crore or 48.94% of shares. VRL willing to accept the Equity Shares of the Company tendered by the Public Shareholders in the Delisting Offer at a price of Rs 87.5 per Equity Share which represents a premium of 9.9% over the closing market price of Rs 79.6 as on May 11, 2020.
Consequently, voluntarily delist the Equity Shares from BSE and National Stock Exchange of India (NSE), the recognized stock exchanges where the Equity Shares are presently listed, in accordance with the Delisting Regulations and if such delisting is successful.
Then, VRL will also delist the company’s America Depositary Shares from the New York Stock Exchange (NYSE) and deregister the Company from the Securities and Exchange Commission (SEC), subject to the requirements of the NYSE and the SEC.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
