 "Vedanta")
Commodity major Vedanta has secured the backing of voting advisory firms on its resolution pertaining to demerging the company into five separate listed entities.
The proposed demerger will create separate listed entities Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel, meanwhile certain existing and upcoming businesses will remain under Vedanta.
The special resolution will be put to vote between February 13 and 17, with the meeting scheduled for February 18.
US-based Institutional Shareholder Services (ISS) and Glass Lewis, domestic proxy firms Institutional Investor Advisory Services (IiAS), InGovern, and Stakeholder Empowerment Services (SES) have issued reports recommending a ‘for’ vote on the demerger, which is expected to be completed by July.
Most voting advisory firms are unanimous in their view that the demerger will have no adverse impact on shareholders given that the shareholding of each resulting company will mirror Vedanta’s current shareholding.
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The public shareholding in Vedanta is 43.5 per cent, of which Life Insurance Corporation of India holds 6.96 per cent.
“We note that the scheme has potential for focused strategies, enhanced shareholder value, improved financial clarity and strategic growth opportunities. Given the clean swap of shares which is beneficial for the minority shareholders as well as for the growth of all the companies, we recommend shareholders vote FOR this scheme of arrangement,” InGovern has said in its note.
Shares of Vedanta last closed at ₹421.3, valuing the firm at ₹1.65 trillion.
“Shareholders will continue to participate in the growth prospects of the four businesses through their direct equity interest. The shareholding of each resulting company will mirror Vedanta’s current shareholding. Given the strategic rationale, this resolution warrants shareholder support,” observed a note by ISS.
Glass Lewis has said a one-to-one share exchange ratio would ensure no adverse economic effects for shareholders.
“The demerger will not dilute shareholder value and aligns with the company’s strategic goals,” the report stated.
SES has observed that the proposed valuation and distribution under the demerger are fair.
“The resulting companies will mirror Vedanta’s shareholding pattern, and the company has adequately justified the rationale for the scheme. No concerns are identified with the proposed demerger,” SES concluded.
“The economic interest of shareholders remains unchanged, and the shareholding pattern will be mirrored in the new entities. Therefore, we support the transaction,” IiAS stated.
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