More IIFL View . Vedanta delisting: 12 crore shares 'suspected' error entries For the delisting to be successful, an eligible number of shares have to be tendered so … New Delhi: You must have recently heard the news of Vedanta delisting. Billionaire Anil Agarwal-backed Vedanta's delisting offer is deemed to have failed, the company informed exchanges on October 10. The shares tendered are more than the 134 crore shares out of the public holding of 169.73 crore that the promoter group headed by billionaire Anil Agrawal needed for delisting of the company. After the failed delisting, shares of Vedanta … What happens next? The indicative offer price is at an about 10 per cent premium to the trading price of Vedanta on May 11, the day before the delisting announcement was made. Had the delisting been successful, promoters would have to delist the shares at Rs 320 apiece. Contact person: Mr. Murali Krishna ... All news about VEDANTA LIMITED: 12/16: Indian shares close at record high on financial, IT sector boost: RE. Public Shareholders: Holders of Equity Shares, other than the following: promoters, promoter group and persons acting in concert with them; and; holders of depository receipts issued overseas against Equity Shares held with a custodian (i.e., the American Depository Shares issued by the Company ("ADS")) and such custodian holding the Equity … The BSE webpage displaying reverse-book building process of Vedanta earlier in the day. 1. In the counter offer if the minimum required number of shares would have been tendered by the public shareholders then the delisting would have gone through at the counter-offer price made by the promoters. Vedanta delisting: 17.15 crore shares are tendered so far Vedanta gets in-principle nod for delisting . As per the consolidated balance sheet of the company as on March 2020, book value of Vedanta could be Rs 147 per share. An email query sent to Vedanta went unanswered. In August, Vedanta had moved the apex court challenging the Madras High Court order refusing to allow reopening of the Tuticorin plant. They had announced plans of delisting its shares. Payment to all shareholders who tender their shares at that price will have to be made by Oct. 23.That’s also the date by which all shares have to be returned in case the delisting offer fails. The reasons for why they remain unconfirmed are yet to be clear. : INM000002970. Email: vedanta.delisting@kfintech.com SEBI registration no. At that time, public shareholders had tendered 137.1 crore of the total 169.73 crore shares held by them, though some bids were pending confirmation from custodians. Top News. It's not yet known if SEBI will grant that extension and if it will be adequate for the delisting process to achieve the 90% threshold. Counter OfferThe price at which VRL can reach 90% shareholding is the discovered price in a reverse book building process. are yet … Vedanta Ltd stepped closer to being delisted from Indian bourses after 137.74 crore shares were tendered at the close of the buyback offer made by the promoters. Missing BloombergQuint's WhatsApp service? Vedanta Delisting: Zee Business Managing Editor Anil Singhvi explains that promoters need to hold 90% shares of the company for the delisting to be successful.Promoters already have 50% shares in the company and they need to get an additional 148 cr shares in the delisting process. PTI; October 01, 2020, 17:26 IST Altough there is a provision of counter offer if promoters found that discovered price is too high, in case of Vedanta, there is no scope for that as the delisting attempt did not garnered the required number of shares. Home >Companies >News >Vedanta delisting faces small shareholder snag The biggest institutional shareholders of Vedanta include ICICI Prudential Mutual Fund, … A + A-Why is Vedanta delisting and what should shareholders do? Anil Agarwal, billionaire and chairman of Vedanta Resources Plc in London, U.K. (Photographer: Simon Dawson/Bloomberg). The process would have continued if the counter-offer did not attract enough number of shareholders. The success of the delisting offer, the first phase, hinges on participation of institutional shareholders such as foreign portfolio investors with 65.90 crore shares (18.51%), mutual funds with 31.63 crore shares (8.88%) and LIC. India Revival Mission - Anil Agarwal of Vedanta | Exclusive, ET Now Exclusive: Vedanta Promoters may up stake by another 10%, Top stocks in focus: Vedanta Limited, Adani Green & More (31 Dec). More Top News . Vedanta Limited’s promoters need to raise their shareholding to 90% for the successful delisting. … Experts note this discrepancy was a result of certain offers of share sales not being confirmed by foreign shareholders. If an extension is given, at the end of which atleast 134.12 crore shares are tendered in confirmed bids, then VRL will have succeeded in the first phase of the process. At about 3:30 p.m. the metals major looked set to receive more than the 134.12 crore shares it needed for its promoter to cross the 90% threshold required for a successful delisting. LIC, which held 6.37% in Vedanta, submitted all its shares at a price of Rs 320, a 267% premium over the floor price of Rs 87.25 upsetting Vedanta’s calculations. Vedanta faces do or die battle if delisting fails. Vedanta shares fell to 109.70 rupees apiece on Monday. That is said to have reduced as the total financial institutional holding stood reduced to 5.89% as on Sept. 25. The number of shares tendered by the public shareholders in the delisting offer was nearly 137.8 crore shares, which was more than the minimum requirement of 134.1 crore shares. A counter offer price is lower than the discovered price but not less than the book value of the company.The last date for announcement of a counter offer is Oct. 13. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. 34-35% of shares are held by institutional holders. Note: The number of shares needed for the offer to succeed may vary depending on if ADS conversion to underlying shares takes place. 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