Vedanta hits 10% upper circuit on delisting plan; stock up 27% in 3 days

Vedanta Resources will offer Rs 87.5 per share to nearly 49 per cent public shareholders of Vedanta

Shares of Vedanta were locked in 10 per cent upper circuit at Rs 98.20 on the BSE on Wednesday after the company announced plans to delist by buying out shares held by public. The stock has been advancing for the past three days and has rallied 27 per cent in that period.

The board of directors of Vedanta is scheduled to meet on Monday, May 18, 2020 to consider the proposal for voluntary delisting of the equity shares of the Company. Billionaire Anil Agarwal -controlled Vedanta Resources will offer Rs 87.5 per share to nearly 49 per cent public