Vedanta delisting fails, to return tendered shares

Mining conglomerate Vedanta Resources Ltd on Saturday failed to acquire the required number of shares to delist its Indian subsidiary Vedanta from the Indian stock exchange and would return the shares tendered.

The mining giant was able to tender 125.47 crore shares from public shareholders, which was less than the minimum required by acquirers for the delisting deal to go through. In exchange filings, the company said it would return the shares tendered to the public shareholders

Vedanta announced a delisting offer in May in which it said it would acquire shares at floor price of Rs 87.25 apiece. The delisting effort was approved by 93.3% of shareholders and 84.3% of public shareholders.