Vedanta plans to go private, shares soar
MUMBAI : Billionaire Anil Agarwal-led commodities major Vedanta Ltd on Tuesday announced plans to delist itself from the stock exchanges. Ahead of the announcement, the company’s shares soared 12.19% on the BSE, crossing the proposed delisting price of ₹87.5.
The company informed the stock exchanges that its board will meet on 18 May to discuss the offer by its parent, Singapore-based Vedanta Resources Ltd (VRL), to buy out the public shareholders of the Mumbai-listed Vedanta Ltd, and then voluntarily delist the metals and mining conglomerate from the BSE and the NSE.
Shares of Vedanta closed at ₹89.30 on the BSE. Its delisting offer is priced at ₹87.5 per equity share, a premium of 9.9% over Monday’s closing price of ₹79.6.
