Anil Agarwal-led Vedanta Limited has received in-principle approval from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) to delist shares from the exchanges. In an exchange filing today the metal and mining major said that Vedanta Resources Limited and its wholly owned step down subsidiaries namely, Vedanta Holdings Mauritius Limited, and Vedanta Holdings Mauritius II Limited will acquire the fully paid-up equity shares of the company. With this the company has initiated the reverse book-building process which will see bids opening from October 5. Vedanta’s shares are currently trading at Rs 140 per share on Tuesday.
In the public announcement, the company said that till October 1, it will be sending out Letter of Offer/ Bid Forms to public shareholders. The bidding for the shares will begin from October 5 and will remain open for shareholders till October 9. During this window, public shareholders will submit their bids for the delisting of shares. Currently, the promoter group holds 176 crore shares, excluding the American Depositary Shares aggregating to 50.14% of the company’s shares. According to the schedule provided by Vedanta Limited, the last date for announcement of counter offer has been set at October 13. Further, on October 16, the discovered price or the exit price will be announced and whether the acquirers of the shares accept the same. In case of acceptance of the offer, on October 23, the company will proceed to pay the public shareholders.
