Vedanta seeks extension of buyback after delisting fails

Vedanta Ltd’s delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders, forcing the company to look for options to extend the buyback period by a day.

In a filing, Vedanta said its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm. A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure.

BSE on 9 October showed 137.74 crore shares, out of a total 169.73 crore shares held by the public, to have been offered for sale to promoters, larger than the threshold of 134.12 crore. Some bids, however, were pending confirmation from custodians. Reconciliation of data led to the number of shares offered for sale being trimmed to 125.47 crore.