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Vedanta delisting offer fails; tendered shares to be returned to investors

Vedanta promoters wanted to buy out 169.73 crore shares or 47.67 per cent stake held by the public to delist the firm

Vedanta  | Delisting

BS Web Team  |  New Delhi 

File Photo: A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai | Photo: Reuters

The de-listing offer of Ltd has failed, shows the company's statement to the stock exchanges.

"We have been informed by Resources Limited and its indirect subsidiaries namely, Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, (collectively to be referred as “Acquirers”) that the Offer is deemed to have failed in terms of Regulation 19(1) of the Regulations," said Vedanta Limited in a statement available on the BSE website.

To de-list the shares from stock exchanges, Vedanta’s UK promoters required 1.34 billion shares.

"The total number of Offer Shares validly tendered by the Public Shareholders in the 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.

Vedanta promoters wanted to buy out 1.70 billion shares or 47.67 per cent stake held by the public to delist the firm.

The Vedanta stock closed at Rs 122.10 on the BSE on Friday, with a gain of 3.83 per cent over previous close.

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First Published: Sat, October 10 2020. 21:06 IST