UK’s Vedanta Resources (VRL) has appointed US-based shareholder engagement firm Georgeson to convince shareholders to accept its delisting process for India’s Vedanta Ltd (VDL). VRL holds 50 per cent stake in VDL and it requires 40 per cent more to delist the company from Indian stock exchanges.
VRL has offered ₹87.5 per share as its delisting offer price, which experts in India have said is far too low. The share price of VDL closed at ₹96.85 on the BSE on Tuesday.
India’s largest state-owned investor Life Insurance Corporation (LIC) holds 6.37 per cent stake in VDL and it is likely to seek a higher price for allowing the delisting of shares, sources involved with the deal told BusinessLine.
