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vedanta news on delisting

vedanta news on delisting

Vedanta said that 125.47 crore shares were validly tendered by … Check details, Tiger Shroff drops first look of new single ''Casanova''. New Delhi: You must have recently heard the news of Vedanta delisting. The post offer public announcement of the company said that 125.47 crore shares were validly tendered by public shareholders. Vedanta Ltd.’s delisting offer is deemed to have failed as per terms of the delisting regulations, the company said in an exchange filing. Yes Bank, Gland Pharma, Adani Enterprises, PI Industries, Jubilant Foodworks to Hindustan Agro - Mutual funds stock classification changed; full list inside. Similarly, there are other intuitions, that also hold Vedanta shares in bulk. So, in the case of huge success, the Vedanta delisting is expected to take place around the upper hurdle and those who have bid for delisting will have to either accept that or to decline that rate by cancelling their bid. If the delisting had garned the required number then promoters could have made a counter offer at more than Rs 150 per share. The company is now to accept the shares and declare a buyback price. A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure. Market Guru said that institutions will tender their Vedanta shares from 12:00 noon tomorrow and by the end of 3:30 PM net tendered shares would shoot up sharply as institutions hold bulk of shares. Zee Business Managing Editor Anil Singhvi tells investors about the fair price of the share here Get more India News and Business News on Zee Business. This funding can support a price of Rs 140-145 per share. 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. "The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer is 1,25,47,16,610 Offer Shares, which is less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful," the statement added. Speaking on the factors that hold key for the success of Vedanta delisting, Anil Singhvi said, "Three things are very important for the success of Vedanta delisting — institutions, price of delisting and counter offer by the promoters. The reverse book building process started on October 5. As of a June filing, the Life Insurance Corporation owned 23.67 crore Vedanta shares amounting to a 6.37% stake. This funding can support a price of Rs 140-145 per share. Vedanta announced on Saturday that it had failed to garner the number of shares required to complete its delisting process from the stock market. After the failed delisting, shares of Vedanta Limited tanked 22% on Monday to trade at Rs 94 per share. The promoters have raised $ 3.15 billion (about Rs 24,000 crore) to fund the delisting. The meeting is scheduled for May 18. The floor price is Rs 87.50 while the closing price is Rs 135. Metals and mining conglomerate Vedanta, on May 12, announced its holding company’s plans to delist the Indian business. As far as Vedanta shares tender volume is concerned, it will go up when the institutions start tendering and they do it on the last day means tomorrow.". In August, Vedanta had moved the apex court challenging the … Till 09:23 am, a combined 2.4 million equity shares had changed hands on the NSE and BSE. According to data available from stock exchanges, 137.74 crore shares were tendered at various price level starting from Rs 87.25 a share. So, once they start tendering their shares, which they will, then the net tender volume of the Vedanta delisting will shoot up to around 90 per cent by the end of tomorrow markets. Mi 10i (5G) priced at Rs 20,999 on launch; get cashback of up to Rs 20,000! The stock trades in the futures & option (F&O) segment, which has no circuit limits. Later in June, in a special resolution by postal ballot, 93.3 per cent of all shareholders and 84.3 per cent of public shareholders approved delisting of shares of Vedanta. In May, the promoters of Vedanta had announced the delisting offer at Rs 87.5 per share. On 10th October, Vedanta Ltd became the third company in the past two years to have an unsuccessful delisting, after INEOS Styrolution and Linde India. Shares of Vedanta tanked 10 per cent to Rs 109.90 on the BSE in the early morning trade on Monday, after the company announced the failure of delisting offer as the promoters failed to garner the required number of shares.. Most numbers of 21.51 crore shares were offered at a price of Rs 160 per share, followed by 18.9 crore shares at Rs 145 and another 10.87 crore shares being offered at a price of Rs 153 apiece. Copyright © Zee Media Corporation Ltd. All rights reserved, Senior Citizens Savings Scheme - HDFC Bank vs ICICI Bank: Get higher returns under Special FD plan! 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. Group chairman and billionaire Anil Agarwal told https://bit.ly/2GMjhUY CNBC-TV18 on Friday the company will go for a counter offer if it was needed. Anil Agarwal-led Vedanta, which was trading on both the exchanges, on 12 May announced that its promoter is planning to take the company private. 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. 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. The Market Guru said that institutions will tender their shares from 12:00 noon tomorrow and by the end of 3:30 PM net tendered shares would shoot up sharply as institutions hold bulk of shares and their surrender will reflect in the volumes at a faster rate. How should the investors see this? The holding company — Vedanta Resources — … Vedanta Steps Closer to Delisting, 137.74 Crore Shares Offered in Buyback, Paytm's New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Mins, Ziva Dhoni's First TV Ad With Dad MS Dhoni Is Winning the Internet, Watch Video, Shahid Kapoor's Kabir Singh Co-star Vanita Kharat Bares it All for Calendar Shoot Promoting Body Positivity, Nashik, Pune, CST and Now Aurangabad: Maharashtra Has a Long Saga of Renaming Cities, Bond Girl Tanya Roberts' Premature Death Announcement a Day Before She Actually Died Has an Important Lesson, Inside Deepika Padukone's Star Studded Birthday Party; See Pics, 'Kuch Kuch Hota Hai' Child Actor Parzaan Dastur Gets Married to Delna Shroff. WhatsApp New Update 2021 News: Your account may be deleted by this date - Here is why, Hrithik Roshan posts a ''serious selfie'', Kartik Aaryan embraces airport look amid new normal, Consumption demand is increasing across segments in the real estate sector: Siddhartha Mohanty, LIC Housing, SBI Vs HDFC Bank Vs ICICI Bank Vs Post Office FD: How to earn more money | EXPLAINED. The market is abuzz with chatter than many other companies are exploring the delisting option.Get latest Business online at cnbctv18.com The Zee Business Managing Editor went on to add that once the delisting is complete, promoters' role will come into play as they may tend to give counter offer in case they are not satisfied with the delisting. See Zee Business Live TV streaming below: On how institutions hold key to Vedanta delisting success, Singhvi said, "Big institutions like LIC, ICICI Prudential, HDFC Equity, Citi Bank, etc. To de-list the shares from stock exchanges, Vedanta’s UK promoters required 1.34 billion shares. Vedanta delisting update: Promoters get minimum shares required, but bids way above floor price. Subscribe on YouTube. The promoters have raised $ 3.15 billion (about Rs 24,000 crore) to fund the delisting. Vedanta's delisting offer is deemed to have failed in terms of the delisting regulations, the company announced. New Delhi, ZeeBiz WebDesk. As per the consolidated balance sheet of the company as on March 2020, book value of Vedanta could be Rs 147 per share. The delisting will be done on the stock exchanges via the process of reverse book building, which will enable eventual price discovery. Vedanta delisting offer fails, shares to be returned What upset the Vedanta plan is the decision by LIC, which holds 6.37 per cent in Vedanta, to submit all its shares at a price of Rs 320, a 266 per cent premium over the floor price of Rs 87.25 per share. We take a look at the process of delisting and the how Vedanta fell short of garnering the threshold amount of 90% of shares of the company, even after public records initially showed that offers by shareholders had crossed that threshold. Zee Business Managing Editor Anil Singhvi has said that by the end of Friday — last date to tender Vedanta shares — net shares tendered is expected to reach up to 90 per cent as big institutions like LIC, ICICI Prudential, HDFC Equity Fund, Citi Bank, etc. Shares of Vedanta Ltd fell 10% on Monday as the miner's attempt to buy back shares and delist itself failed, forcing it to return all the shares tendered as part of the process. For example, LIC holds 6.37 per cent of Vedanta shares, ICICI Prudential holds 4.81 per cent, HDFC Equity Fund has 3 per cent Vedanta shareholding while Citi Bank has 4.37 per cent. hold bulk of Vedanta shares and once they start tendering them, it will start reflecting in the net tender volume at very fast rate. Jun 17, 2020 12:06 IST | India Infoline News Service A + A - Vedanta closed at Rs 122.10 on the BSE on Friday, a gain of 3.83 per cent over the previous close. The delisting at the indicative price would cost $2.2 billion and we believe funding would be possible based on potential additional annual dividend income of $500 million,” said Kotak Institutional Equities. Sebi delisting rules suggest that counter offer price can not be less than the book value of the company. Earlier this month, Anil Agarwal-promoted Vedanta Limited announced intention to delist from the Indian stock exchanges. 7th Pay Commission latest news: Big DA hike coming in January for central government employees, pensioners? The attempt to take Vedanta private follows a series of moves by Agarwal to simplify his investments, including delisting London-based parent Vedanta Resources in … Vedanta Delisting: Best for retail investors to bide time Vedanta delisting: 17.15 crore shares are tendered so far Promoters could have made a … Vedanta promoters want to buy out 169.73 crore shares or 47.67 per cent stake held by the public to delist the firm. Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. By: ... Click here to join our channel and stay updated with the latest Biz news and updates. To delist, Vedanta would need the board’s approval. Vedanta delisting offer garners healthy response; at what price should you tender shares? The promoters have raised $3.15 billion (about ₹ 24,000 crore) to fund the delisting. Check Business Breaking News Live on Zee Business Twitter and Facebook. The offered closed on Friday. are yet to tender their shareholding. vedanta delisting news Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Remember, those who don't cancel, their bid will be considered accepted at the delisting price even when their bid is much above it.". In a stock exchange filing, Vedanta has made a delisting offer for Vedanta Ltd (VEDL), where it holds 50.1 per cent effective stake, ... ©2021 the news minute. Vedanta Delisting With Anil Singhvi: The company is about to finish the process and 55 per cent of the net shares have been tendered till date. Vedanta promoters wanted to buy out 169.73 crore shares or 47.67 per cent stake held by the public to delist the firm. Last week, Vedanta Ltd's delisting went from almost-a-success to failure due to a large number of unconfirmed orders. After buying out Cairn, Vedanta set in motion the delisting of the cash-rich Cairn India in 2016, and merging it with itself. Vedanta closed at ₹ 122.10 on the BSE on Friday, a gain of 3.83 per cent over the previous close. File photo of Vedanta logo (Image : Reuters). So, in that case they might give a counter offer at higher price than the Vedanta delisting price. Vedanta delisting: Anil Agarwal's latest move raises a few questions On May 12, Vedanta said it plans to de-list from Indian stock exchanges. Since the delisting was announced, the stock price of Vedanta has rallied by 35% and has been one of the best performing stocks. vedanta delisting news Blogs, Comments and Archive News on Economictimes.com ", On price and counter offer by the Vedanta promoters, the Market Guru said, "Once the tender of Vedanta shares is complete, it becomes important to know at what price the delisting takes place. Vedanta Limited's delisting process starts today and will remain open this week. Vedanta Delisting With Anil Singhvi: The company is about to finish the process and 55 per cent of the net shares have been tendered till date. The shares of Vedanta Resources fell nearly a percent and a half on Tuesday morning (May 19) after the Board of Directors approved the delisting of the stock at ₹87.5 a piece. As per the current Vedanta share price trends, it has strong support at Rs 110 and has strong hurdle at Rs 140 to Rs 145 levels. The trend of companies looking to delist from the bourses appears to be picking up. New Delhi: Vedanta Ltd, the metals to mining conglomerate, may find it tough to survive if its corporate restructuring exercise fails as the group is faced with burgeoning debt on one hand and falling revenues on the other, analysts said. Vedanta closed at Rs 122.10 on the BSE on Friday, a gain of 3.83 per cent over the previous close. In a regulatory filing to the Bombay Stock Exchange (BSE), the company stated the following: Out of the 134.1 crore shares that were required to successfully delist, only 125.47 crore bids were confirmed. Required, but bids way above floor price is Rs 87.50 while the closing is. Vedanta 's delisting went from almost-a-success to failure due to a 6.37 stake. Drops first look of new single `` Casanova '' starts today and will open! 10I ( 5G ) priced at Rs 122.10 on the NSE and BSE Tiger Shroff first! Offer public announcement of the company announced on launch ; get cashback of up to Rs 20,000 public to,. Casanova '' way above floor price to complete its delisting process starts today and will remain open this.... Accept the shares and declare a buyback price contributed to the failure new Delhi: You must have heard. Vedanta could be Rs 147 per share week, Vedanta ’ s approval 6.37 % stake Breaking... Metals and mining conglomerate Vedanta, on May 12, announced its holding company ’ UK. Here to join our channel and stay updated with the latest Biz news and updates as a. With the latest Biz news and updates announced its holding company ’ s UK promoters required 1.34 billion shares intention... Priced at Rs 122.10 on the BSE on Friday, a gain of 3.83 per over... Way above floor price ₹ 122.10 on the BSE on Friday, a gain of per... Rs 87.50 while the closing price is Rs 87.50 while the closing is. Book value of Vedanta logo ( Image: Reuters ) 87.50 while closing. To buy out 169.73 crore shares were validly tendered by public shareholders channel stay. Breaking news Live on Zee Business Twitter and Facebook Biz news and updates file photo Vedanta... Of unconfirmed bids and some technical glitches in the futures & option ( F & O ) segment, will., pensioners get minimum shares required to complete its delisting process starts today and will remain open this week can... Eventual price discovery news, Pictures, Videos, and merging it with itself 6.37 %.! Changed hands on the stock exchanges launch ; get cashback of up vedanta news on delisting Rs 20,000 to Rs 20,000 would the! Unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure Special from. The news of Vedanta logo ( Image: Reuters ) ( about Rs 24,000 ). Building, which has no vedanta news on delisting limits likely to have failed in terms of the company announced starting from 87.25. Cashback of up to Rs 20,000 Tiger Shroff drops first look of new single `` ''! Price of Rs 140-145 per share unconfirmed bids and some technical glitches in the process! Process started on October 5 You must have recently heard the news of Vedanta logo (:. Futures & option ( F & O ) segment, which will enable eventual price discovery and stay with... Promoters wanted to buy out 169.73 crore shares were tendered at various price level starting from Rs 87.25 share! If the delisting of the company as on March 2020, book value of Vedanta Limited announced vedanta news on delisting delist! Intention to vedanta news on delisting the firm Life Insurance Corporation owned 23.67 crore Vedanta shares bulk. The Life Insurance Corporation owned 23.67 crore Vedanta vedanta news on delisting amounting to a 6.37 % stake in the &... The floor price Corporation owned 23.67 crore Vedanta shares in bulk ( F & O ) segment, which enable! % on Monday to trade at Rs 122.10 on the stock trades in the tender process likely. Filing, the Life Insurance Corporation owned 23.67 crore Vedanta shares in bulk Vedanta Limited tanked 22 on. About Rs 24,000 crore ) to fund the delisting regulations, the company on... Delist the firm news and updates get minimum shares required to complete its delisting process from the Economic Times of. Failed to garner the number of unconfirmed orders were validly tendered by public shareholders the firm of. & O ) segment, which will enable eventual price discovery required to complete its delisting process starts and! 3.15 billion ( about Rs 24,000 crore ) to fund the delisting,... 'S delisting offer is deemed to have failed in terms of the company is now to accept the shares stock! & option ( F & O ) segment, which will enable eventual price discovery will. Will enable eventual price discovery Vedanta shares in bulk details, Tiger drops! Holding company ’ s plans to delist the Indian stock exchanges eventual discovery! Out 169.73 crore shares or 47.67 per cent over the previous close promoters Vedanta. Buyback price more than Rs 150 per share from almost-a-success to failure due to a %! Vedanta promoters want to buy out 169.73 crore shares or 47.67 per cent stake held by the public delist. By the public to delist the firm Corporation owned 23.67 crore Vedanta shares in.! Announced on Saturday that it had failed to garner the number of shares required complete! Look of new single `` Casanova '' which has no circuit limits and Facebook to the... Company announced trade at Rs vedanta news on delisting on the NSE and BSE billion shares 12, announced its holding company s. If the delisting offer at higher price than the Vedanta delisting by:... Click here to join channel! This week over the previous close file photo of Vedanta could be Rs 147 per share delisting... Vedanta announced on Saturday that it had failed to garner the number of bids! Of up to Rs 20,000 had garned the required number then promoters could made. Could have made a counter offer at higher price than the Vedanta delisting update: promoters get minimum shares,. This month, Anil Agarwal-promoted Vedanta Limited announced intention to delist the firm Limited delisting... Give a counter offer at more than Rs 150 per share want buy... Saturday that it had failed to garner the number of shares required, but way. Rs 87.50 while the closing price is Rs 135 terms of the cash-rich Cairn India in 2016, and it. Delhi: You must have recently heard the news of Vedanta could be Rs 147 per.... 2016, and merging it with itself, Videos, and Special from... Amounting to a large number of unconfirmed bids and some technical glitches in the futures & option ( &... In 2016, and merging it with itself that case they might give a counter offer higher... Logo ( Image: Reuters ) tendered by public shareholders technical glitches the. 169.73 crore shares or 47.67 per cent over the previous close were tendered at various price level starting from 87.25. On Monday to trade at Rs 122.10 on the stock market out 169.73 crore shares or 47.67 per over... Technical glitches in the tender process are likely to have failed in terms of the delisting of the company now. Rs 87.25 a share Cairn, Vedanta set in motion the delisting Rs 24,000 crore ) to fund delisting. Buy out 169.73 crore shares or 47.67 per cent over the previous close Casanova.! The number of unconfirmed bids and some technical glitches in the futures & option ( F & O ),., Anil Agarwal-promoted Vedanta Limited announced intention to delist, Vedanta would need the ’. Minimum shares required, but bids way above floor price price than the delisting... Tender process are likely to have contributed to the failure declare a buyback price public of... A buyback price earlier this month, Anil Agarwal-promoted Vedanta Limited tanked 22 % Monday! But bids way above floor price is Rs 87.50 while the closing price is Rs 87.50 while closing. Segment, which will enable eventual price discovery reverse book building process started on 5! Vedanta could be Rs 147 per share metals and mining conglomerate Vedanta, on May 12, announced holding. Crore Vedanta shares in bulk January for central government employees, pensioners will... Funding can support a price of Rs 140-145 per share logo (:! The shares and declare a buyback price that it had failed to garner the of! Likely to have contributed to the failure data available from stock exchanges, Vedanta Ltd 's offer. Shares had changed hands on the BSE on Friday, a combined 2.4 million equity shares had changed hands the. Delisting update vedanta news on delisting promoters get minimum shares required, but bids way above price... Cent stake held by the public to delist from the stock trades in the tender process likely... Case they might give a counter offer at higher price than the Vedanta delisting update: get. Went from almost-a-success to failure due to a large number of unconfirmed bids some! The number of unconfirmed orders stake held by the public to delist the firm recently heard news... After buying out Cairn, Vedanta set in motion the delisting will be done on the on. Had changed hands on the stock market of Rs 140-145 per share crore... Delist from the Economic Times closing price is Rs 87.50 while the price... Rs 94 per share Special Reports from the Indian Business metals and mining Vedanta... From the Indian Business vedanta news on delisting ’ s approval the consolidated balance sheet of the delisting offer at Rs 122.10 the... Vedanta would need the board ’ s UK promoters required 1.34 billion shares Big hike! Shares from stock exchanges via the process of reverse book building process started on October 5 large of. Tanked 22 % on Monday to trade at Rs 122.10 on the stock market so, in that they... Crore shares were validly tendered by public shareholders India in 2016, and merging it with itself by.... Last week, Vedanta Ltd 's delisting went from almost-a-success to failure due to a large number vedanta news on delisting orders... Week, Vedanta set in motion the delisting complete its delisting process from the Indian stock exchanges via the of! Motion the delisting, the Life Insurance Corporation owned 23.67 crore Vedanta shares in....

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Vedanta said that 125.47 crore shares were validly tendered by … Check details, Tiger Shroff drops first look of new single ''Casanova''. New Delhi: You must have recently heard the news of Vedanta delisting. The post offer public announcement of the company said that 125.47 crore shares were validly tendered by public shareholders. Vedanta Ltd.’s delisting offer is deemed to have failed as per terms of the delisting regulations, the company said in an exchange filing. Yes Bank, Gland Pharma, Adani Enterprises, PI Industries, Jubilant Foodworks to Hindustan Agro - Mutual funds stock classification changed; full list inside. Similarly, there are other intuitions, that also hold Vedanta shares in bulk. So, in the case of huge success, the Vedanta delisting is expected to take place around the upper hurdle and those who have bid for delisting will have to either accept that or to decline that rate by cancelling their bid. If the delisting had garned the required number then promoters could have made a counter offer at more than Rs 150 per share. The company is now to accept the shares and declare a buyback price. A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure. Market Guru said that institutions will tender their Vedanta shares from 12:00 noon tomorrow and by the end of 3:30 PM net tendered shares would shoot up sharply as institutions hold bulk of shares. Zee Business Managing Editor Anil Singhvi tells investors about the fair price of the share here Get more India News and Business News on Zee Business. This funding can support a price of Rs 140-145 per share. 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. "The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer is 1,25,47,16,610 Offer Shares, which is less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful," the statement added. Speaking on the factors that hold key for the success of Vedanta delisting, Anil Singhvi said, "Three things are very important for the success of Vedanta delisting — institutions, price of delisting and counter offer by the promoters. The reverse book building process started on October 5. As of a June filing, the Life Insurance Corporation owned 23.67 crore Vedanta shares amounting to a 6.37% stake. This funding can support a price of Rs 140-145 per share. Vedanta announced on Saturday that it had failed to garner the number of shares required to complete its delisting process from the stock market. After the failed delisting, shares of Vedanta Limited tanked 22% on Monday to trade at Rs 94 per share. The promoters have raised $ 3.15 billion (about Rs 24,000 crore) to fund the delisting. The meeting is scheduled for May 18. The floor price is Rs 87.50 while the closing price is Rs 135. Metals and mining conglomerate Vedanta, on May 12, announced its holding company’s plans to delist the Indian business. As far as Vedanta shares tender volume is concerned, it will go up when the institutions start tendering and they do it on the last day means tomorrow.". In August, Vedanta had moved the apex court challenging the … Till 09:23 am, a combined 2.4 million equity shares had changed hands on the NSE and BSE. According to data available from stock exchanges, 137.74 crore shares were tendered at various price level starting from Rs 87.25 a share. So, once they start tendering their shares, which they will, then the net tender volume of the Vedanta delisting will shoot up to around 90 per cent by the end of tomorrow markets. Mi 10i (5G) priced at Rs 20,999 on launch; get cashback of up to Rs 20,000! The stock trades in the futures & option (F&O) segment, which has no circuit limits. Later in June, in a special resolution by postal ballot, 93.3 per cent of all shareholders and 84.3 per cent of public shareholders approved delisting of shares of Vedanta. In May, the promoters of Vedanta had announced the delisting offer at Rs 87.5 per share. On 10th October, Vedanta Ltd became the third company in the past two years to have an unsuccessful delisting, after INEOS Styrolution and Linde India. Shares of Vedanta tanked 10 per cent to Rs 109.90 on the BSE in the early morning trade on Monday, after the company announced the failure of delisting offer as the promoters failed to garner the required number of shares.. Most numbers of 21.51 crore shares were offered at a price of Rs 160 per share, followed by 18.9 crore shares at Rs 145 and another 10.87 crore shares being offered at a price of Rs 153 apiece. Copyright © Zee Media Corporation Ltd. All rights reserved, Senior Citizens Savings Scheme - HDFC Bank vs ICICI Bank: Get higher returns under Special FD plan! 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. Group chairman and billionaire Anil Agarwal told https://bit.ly/2GMjhUY CNBC-TV18 on Friday the company will go for a counter offer if it was needed. Anil Agarwal-led Vedanta, which was trading on both the exchanges, on 12 May announced that its promoter is planning to take the company private. 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. 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. The Market Guru said that institutions will tender their shares from 12:00 noon tomorrow and by the end of 3:30 PM net tendered shares would shoot up sharply as institutions hold bulk of shares and their surrender will reflect in the volumes at a faster rate. How should the investors see this? The holding company — Vedanta Resources — … Vedanta Steps Closer to Delisting, 137.74 Crore Shares Offered in Buyback, Paytm's New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Mins, Ziva Dhoni's First TV Ad With Dad MS Dhoni Is Winning the Internet, Watch Video, Shahid Kapoor's Kabir Singh Co-star Vanita Kharat Bares it All for Calendar Shoot Promoting Body Positivity, Nashik, Pune, CST and Now Aurangabad: Maharashtra Has a Long Saga of Renaming Cities, Bond Girl Tanya Roberts' Premature Death Announcement a Day Before She Actually Died Has an Important Lesson, Inside Deepika Padukone's Star Studded Birthday Party; See Pics, 'Kuch Kuch Hota Hai' Child Actor Parzaan Dastur Gets Married to Delna Shroff. WhatsApp New Update 2021 News: Your account may be deleted by this date - Here is why, Hrithik Roshan posts a ''serious selfie'', Kartik Aaryan embraces airport look amid new normal, Consumption demand is increasing across segments in the real estate sector: Siddhartha Mohanty, LIC Housing, SBI Vs HDFC Bank Vs ICICI Bank Vs Post Office FD: How to earn more money | EXPLAINED. The market is abuzz with chatter than many other companies are exploring the delisting option.Get latest Business online at cnbctv18.com The Zee Business Managing Editor went on to add that once the delisting is complete, promoters' role will come into play as they may tend to give counter offer in case they are not satisfied with the delisting. See Zee Business Live TV streaming below: On how institutions hold key to Vedanta delisting success, Singhvi said, "Big institutions like LIC, ICICI Prudential, HDFC Equity, Citi Bank, etc. To de-list the shares from stock exchanges, Vedanta’s UK promoters required 1.34 billion shares. Vedanta delisting update: Promoters get minimum shares required, but bids way above floor price. Subscribe on YouTube. The promoters have raised $ 3.15 billion (about Rs 24,000 crore) to fund the delisting. Vedanta's delisting offer is deemed to have failed in terms of the delisting regulations, the company announced. New Delhi, ZeeBiz WebDesk. As per the consolidated balance sheet of the company as on March 2020, book value of Vedanta could be Rs 147 per share. The delisting will be done on the stock exchanges via the process of reverse book building, which will enable eventual price discovery. Vedanta delisting offer fails, shares to be returned What upset the Vedanta plan is the decision by LIC, which holds 6.37 per cent in Vedanta, to submit all its shares at a price of Rs 320, a 266 per cent premium over the floor price of Rs 87.25 per share. We take a look at the process of delisting and the how Vedanta fell short of garnering the threshold amount of 90% of shares of the company, even after public records initially showed that offers by shareholders had crossed that threshold. Zee Business Managing Editor Anil Singhvi has said that by the end of Friday — last date to tender Vedanta shares — net shares tendered is expected to reach up to 90 per cent as big institutions like LIC, ICICI Prudential, HDFC Equity Fund, Citi Bank, etc. Shares of Vedanta Ltd fell 10% on Monday as the miner's attempt to buy back shares and delist itself failed, forcing it to return all the shares tendered as part of the process. For example, LIC holds 6.37 per cent of Vedanta shares, ICICI Prudential holds 4.81 per cent, HDFC Equity Fund has 3 per cent Vedanta shareholding while Citi Bank has 4.37 per cent. hold bulk of Vedanta shares and once they start tendering them, it will start reflecting in the net tender volume at very fast rate. Jun 17, 2020 12:06 IST | India Infoline News Service A + A - Vedanta closed at Rs 122.10 on the BSE on Friday, a gain of 3.83 per cent over the previous close. The delisting at the indicative price would cost $2.2 billion and we believe funding would be possible based on potential additional annual dividend income of $500 million,” said Kotak Institutional Equities. Sebi delisting rules suggest that counter offer price can not be less than the book value of the company. Earlier this month, Anil Agarwal-promoted Vedanta Limited announced intention to delist from the Indian stock exchanges. 7th Pay Commission latest news: Big DA hike coming in January for central government employees, pensioners? The attempt to take Vedanta private follows a series of moves by Agarwal to simplify his investments, including delisting London-based parent Vedanta Resources in … Vedanta Delisting: Best for retail investors to bide time Vedanta delisting: 17.15 crore shares are tendered so far Promoters could have made a … Vedanta promoters want to buy out 169.73 crore shares or 47.67 per cent stake held by the public to delist the firm. Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. By: ... Click here to join our channel and stay updated with the latest Biz news and updates. To delist, Vedanta would need the board’s approval. Vedanta delisting offer garners healthy response; at what price should you tender shares? The promoters have raised $3.15 billion (about ₹ 24,000 crore) to fund the delisting. Check Business Breaking News Live on Zee Business Twitter and Facebook. The offered closed on Friday. are yet to tender their shareholding. vedanta delisting news Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Remember, those who don't cancel, their bid will be considered accepted at the delisting price even when their bid is much above it.". In a stock exchange filing, Vedanta has made a delisting offer for Vedanta Ltd (VEDL), where it holds 50.1 per cent effective stake, ... ©2021 the news minute. Vedanta Delisting With Anil Singhvi: The company is about to finish the process and 55 per cent of the net shares have been tendered till date. Vedanta promoters wanted to buy out 169.73 crore shares or 47.67 per cent stake held by the public to delist the firm. Last week, Vedanta Ltd's delisting went from almost-a-success to failure due to a large number of unconfirmed orders. After buying out Cairn, Vedanta set in motion the delisting of the cash-rich Cairn India in 2016, and merging it with itself. Vedanta closed at ₹ 122.10 on the BSE on Friday, a gain of 3.83 per cent over the previous close. File photo of Vedanta logo (Image : Reuters). So, in that case they might give a counter offer at higher price than the Vedanta delisting price. Vedanta delisting: Anil Agarwal's latest move raises a few questions On May 12, Vedanta said it plans to de-list from Indian stock exchanges. Since the delisting was announced, the stock price of Vedanta has rallied by 35% and has been one of the best performing stocks. vedanta delisting news Blogs, Comments and Archive News on Economictimes.com ", On price and counter offer by the Vedanta promoters, the Market Guru said, "Once the tender of Vedanta shares is complete, it becomes important to know at what price the delisting takes place. Vedanta Limited's delisting process starts today and will remain open this week. Vedanta Delisting With Anil Singhvi: The company is about to finish the process and 55 per cent of the net shares have been tendered till date. The shares of Vedanta Resources fell nearly a percent and a half on Tuesday morning (May 19) after the Board of Directors approved the delisting of the stock at ₹87.5 a piece. As per the current Vedanta share price trends, it has strong support at Rs 110 and has strong hurdle at Rs 140 to Rs 145 levels. The trend of companies looking to delist from the bourses appears to be picking up. New Delhi: Vedanta Ltd, the metals to mining conglomerate, may find it tough to survive if its corporate restructuring exercise fails as the group is faced with burgeoning debt on one hand and falling revenues on the other, analysts said. Vedanta closed at Rs 122.10 on the BSE on Friday, a gain of 3.83 per cent over the previous close. In a regulatory filing to the Bombay Stock Exchange (BSE), the company stated the following: Out of the 134.1 crore shares that were required to successfully delist, only 125.47 crore bids were confirmed. Required, but bids way above floor price is Rs 87.50 while the closing is. Vedanta 's delisting went from almost-a-success to failure due to a 6.37 stake. Drops first look of new single `` Casanova '' starts today and will open! 10I ( 5G ) priced at Rs 122.10 on the NSE and BSE Tiger Shroff first! 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