Vedanta to Get Regulatory Approval for Reverse Book Building for Delisting

Vedanta, the global diversified metals and mining company controlled by billionaire Anil Agarwal has stated that it has received in-principle approval from stock exchanges BSE and National Stock Exchange of India (NSE) for its delisting from the bourses. Post approval, the company’s parent Vedanta Resources (VRL) and its subsidiaries issued a public announcement with regard to the delisting offer.

"BSE and National Stock Exchange of India have issued their in-principle approval for the delisting offer pursuant to their letters each dated September 28, 2020,” Vedanta said in a regulatory filing.

Vedanta Resources and its wholly-owned indirect subsidiaries - Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II have also issued a public announcement with regard to the delisting offer on Tuesday.

In June this year, Vedanta had received shareholders’ nod for delisting the company. The firm, through a postal ballot, had sought shareholders’ nod to delist after VRL offered to buy out about 49.9 percent of public shareholding at a price of 87.5 per share.

Vedanta Resources has since then mobilized $3.15 billion to fund the delisting - $1.75 billion from banks for a 3-month term loan facility and another $1.4 billion from 3 year-amortising bonds.

VRL, which owns 50.1 percent of Vedanta, offered to acquire all of the balance 49.9 percent shareholding held by the public and delist the company. On May 18, Agarwal-chaired board of directors of Vedanta approved its parent VRL''s open offer. Shares of Vedanta were trading 0.18 percent higher at 139.30 on BSE.

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