Vedanta rises over offer price

Anil Agarwal owned Vedanta Ltd is looking at delisting from the Indian and as well as New York Stock exchanges.

Promoter group company, Vedanta Resources is looking at buying the entire 49.86% of the public shareholding , which includes non-promoter American Depository Shares also.

The promoter wants to acquire this at Rs.87.50/share v/s yesterday’s closing price of Rs.89.30 and today it opened higher at Rs.98.20 and is currently trading at Rs.90 levels.

The Board is scheduled to meet on the 18th of May to consider this delisting proposition.

In 2018, the group had delisted Vedanta Resources and now Vedanta Ltd. The only listed company of the group on the bourses is now Hindustan Zinc and that delisting might not happen as the Govt holds a 29.54% stake.