The company board meeting is scheduled to be held on May 18 to approve/ reject the delisting proposal.
Mining giant Vedanta has set up a dedicated Rs 100 crore fund that will cater to three specific areas – livelihood of the daily wage worker, employees & contract workers, preventive health care and will provide timely help to communities in and around various plant locations of the company (Image: Moneycontrol)
Vedanta share price was locked at 10 percent upper circuit on May 13 after the company said it is going to consider delisting proposal on May 18.
The company board meeting is scheduled to be held on May 18 to approve/ reject the delisting proposal after taking into account various factors and the Merchant Banker’s due diligence report, the company said.
Billionaire metals and mining magnate Anil Agarwal on May 11 announced a proposal to delist Vedanta from the Indian stock exchanges with promoter group Vedanta Resources making an offer to buy out the 48.94 percent non-promoter shares at Rs 87.5 per share.
Also Read – Anil Agarwal set to delist Vedanta from domestic bourses
related news
The promoter group holds 50.14 percent stake in the firm as per the latest shareholding pattern available on stock exchanges. The Vedanta stock had surged by over 12 percent at the end of trading hours on May 11. The current market capitalisation of Vedanta based on its May 11 closing price stands at Rs 33,194 crore.
There were pending buy orders of 2,633,071 shares, with no sellers available.
At 09:24 hrs, Vedanta was quoting at Rs 98.20, up Rs 8.90, or 9.97 percent on the BSE.
Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.
Special Offer: Subscribe to Moneycontrol PRO’s annual plan for ₹1/- per day for the first year and claim exclusive benefits worth ₹20,000. Coupon code: PRO365
First Published on May 13, 2020 10:01 am
