Demerger gets approval from creditors and shareholders, says Vedanta

Anil Agarwal-promoted Vedanta Ltd on Thursday informed the exchanges, its demerger related resolution has been passed by shareholders and creditors — both secured and unsecured, with requisite majority.

  On Tuesday, the metals to oil company had put to creditors and shareholders vote, the Scheme of Arrangement between Vedanta Limited and — the four resulting companies — Vedanta Aluminium Metal Limited (Resulting Company 1), Talwandi Sabo Power Limited (Resulting Company 2) , Malco Energy Limited (Resulting Company 3) and Vedanta Iron and Steel Limited (Resulting Company 4).

  Vedanta said the resolution was passed with 99.99 per cent of those participating, voting in favour of the resolution.

 

  In September 2023, Vedanta proposed a plan to demerge the current entity into six, independently listed entities. However, at the start of this year, Vedanta revised the plan to demerge the company instead into five entities, postponing plans to demerge the base metals business.

  On January 31, Ajay Goel, chief financial officer for the company in a call with Business Standard had said, “We expect the demerger to conclude around June-July this year.”