In the process of arranging financing for delisting: Vedanta Resources

Vedanta Resources Ltd has said it is in the process of arranging financing for the delisting of its Indian flagship firm and expects the process to conclude in the coming weeks.

After shareholders approved delisting of Vedanta Ltd, the firm's parent Vedanta Resources in a statement said it is "in the process of arranging the financing for the delisting".

"We expect this to be concluded in the coming weeks, at which stage the company will apply to the stock exchanges for approval to proceed with the delisting process," it said.

Vedanta Resources, one of the promoter group firms, last month made an indicative offer of Rs 87.50 to buy out all the public shareholders in Vedanta Ltd.

Vedanta Ltd on Friday closed at Rs 109.95 on the BSE.

On May 18, Vedanta Ltd's board approved the proposal by the promoter to delist the company. Shareholders of Vedanta Ltd last week approved the proposal.

After the shareholder approval, the company will file for a reverse book building process with the stock exchanges. The price discovered in the process has to be accepted by the acquirer or announce a counter offer, which will be higher than the price offered initially.

For the delisting process to be successful, the promoter's stake in the company will have to go up to 90 per cent.