Informed circles are saying that lapse of delisting move of Vedanta Ltd was a calculated move of the promoters, who are holding 50.14% stake in the company and for delisting, they need to acquire 49.86% stake, being 185.36 crore shares. Presuming delisting reasonably happened at Rs. 250 per share (LIC were adamant in asking Rs. 320 per share), would have required Rs. 47,000 crore. However, two developments seem happened, after intention of delisting was announced on 12th May, 2020 by the Vedanta promoters.

One, acquiring residual stake of 29.59%, held by the Central Govt in Hind Zinc, being 124.80 crore shares, would have required Rs. 32,000 crore, taking value at Rs. 255 per share (present market price at Rs. 222 per share).

Second, acquiring BPCL in strategic sale by the Govt. BPCL paid up equity is at 197 crore shares (netting off treasury stock of 20 crore shares), while acquiring 75% stake (Govt stake of 115 cr shares and open offer of 33 cr shares) at presumed price of Rs. 525 per share, would require Rs. 78,000 crore.  

Hence, to mop up Rs.1,10,000 crore, Vedanta delisting of Rs.47k cr. plus Hind Zinc cash of Rs.20k cr., can get leveraged with Rs. 43K cr debt. Sounds interesting and convincing.