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Vedanta moves closer to going private, gets shareholder nod for delisting

Nearly 85 per cent of institutional public shareholders and 75 per cent of non-institutional shareholders voted in favour of the proposal.

Vedanta
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In May, Vedanta said that promoters intended to acquire 49 per cent from public shareholders at Rs 87.5 per share to delist. Shares of Vedanta closed at Rs 111.3, with a gain of 1.6 per cent on Thursday.

Samie Modak Mumbai
Vedanta has moved a step closer to going private with the company securing shareholders’ green light for the proposal. The company on Thursday disclosed the results of the postal ballot for the special resolution seeking voluntary delisting of equity shares from the NSE and BSE. The company obtained 93.3 per cent votes ‘in favour’ of the proposal, while 6.7 per cent ‘against’ vote. 

Nearly 85 per cent of institutional public shareholders and 75 per cent of non-institutional shareholders voted in favour of the proposal.

Many had raised doubts on the company securing the shareholder go-ahead as the base price for

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First Published: Jun 25 2020 | 7:14 PM IST

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