Vedanta’s parent organization -- Vedanta Resources has approached the Securities and Exchange Board of India (Sebi) for necessary approvals to start the reverse book building process after mobilising $3.15 billion to fund the delisting of its Indian subsidiary. The company had in May announced plans to delist Vedanta from the Indian stock exchanges by buying out non-promoter shareholding.
The company is expecting to receive SEBI approvals by early next week, post which it will launch reverse book building and invite bids from public shareholders. The reverse book building process is likely to be open for five days and will allow public shareholders to effectively discover the price for the delisting.
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.
