Vedanta gains after shareholders approve delisting

Vedanta rose 1.26% to Rs 112.70 after the firm said it has received shareholders' nod for delisting the company.

Vedanta in a regulatory filing on Thursday announced that the special resolution (for voluntary delisting of the equity shares of the company from BSE and NSE has been approved by the members with requisite majority.

While 93.34% of the votes were in favour of the proposal, 6.65% were against it, the filing said. The proposal required approval of at least 66.7% of minority shareholders.

Last month, the company had sought shareholders' nod to delist after Anil Agarwal-controlled Vedanta Resources (VRL) offered to buyout about 49.9% of public shareholding at Rs 87.5 per share. Currently, promoters hold 50.14% in Vedanta.

Vedanta said that delisting will provide the group with enhanced operational and financial flexibility in a capital intensive business.

Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.

On a consolidated basis, Vedanta reported a net loss of Rs 12,521 crore in Q4 March 2020 as against net profit of Rs 2,615 crore in Q4 March 2019. The profit was impacted by exceptional loss of Rs 17,132 crore in Q4 FY20 due to impairment of assets at oil & gas, copper and iron ore business.

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