Note: The number of shares needed for the offer to succeed may vary depending on if ADS conversion to underlying shares takes place. The Reserve Bank of India (RBI) filed an affidavit before the Supreme Court, stating that it cannot give more time as relief for sectors affected by the … Earlier public records, however, show that Vedanta had received offers of over 137 crore shares. Written by Cherian Varghese Posted on October 10, 2020 October 11, 2020 Less than 0 min read . The delisting of Anil Agarwal - led Vedanta Ltd. saw a turn in fortune in the late evening hours of Oct. 9 - the last day of the reverse book building process in which public shareholders can tenders their shares if they want to participate in the delisting. Vedanta Limited’s promoters need to raise their shareholding to 90% for the successful delisting. It's not yet known if SEBI will grant that extension and if it will be adequate for the delisting process to achieve the 90% threshold. Vedanta announced that it was able to garner offers for only around 125 crore shares instead of the 134 crore shares required for the delisting process to go through. The delisting of Anil Agarwal - led Vedanta Ltd. saw a turn in fortune in the late evening hours of Oct. 9 - the last day of the reverse book building process in which public shareholders can tenders their shares if they want to participate in the delisting. Home >Companies >News >Vedanta pledges Hindustan Zinc stake to raise ₹ 10,000 crore. It operates iron ore, gold, and aluminum mines in the states of Goa, Rajasthan, and Odisha. Zee Business Managing Editor Anil Singhvi has said that by the end of Friday — last date to tender Vedanta shares — net shares tendered is expected to reach up to 90 per cent as big institutions like LIC, ICICI Prudential, HDFC Equity Fund, Citi Bank, etc. A + A-Why is Vedanta delisting and what should shareholders do? Group chairman and billionaire Anil Agarwal told https://bit.ly/2GMjhUY CNBC-TV18 on Friday the company will go for a counter offer if it was needed. Worth mentioning here is that discovered price is that price at which the aggregate number of shares bid till that price, if delisted, will take the promoters' shareholding in the company to at least 90% (which was 134.1 crore shares in the case of Vedanta). Public Shareholders: Holders of Equity Shares, other than the following: promoters, promoter group and persons acting in concert with them; and; holders of depository receipts issued overseas against Equity Shares held with a custodian (i.e., the American Depository Shares issued by the Company ("ADS")) and such custodian holding the Equity … 12/14: Asian ADRs Nudge Lower in Monday Trading: MT. India Revival Mission - Anil Agarwal of Vedanta | Exclusive, ET Now Exclusive: Vedanta Promoters may up stake by another 10%, Top stocks in focus: Vedanta Limited, Adani Green & More (31 Dec). Sebi delisting rules suggest that counter offer price can not be less than the book value of the company. VRL seeks to also delist the ADS. Vedanta Delisting With Anil Singhvi: The company is about to finish the process and 55 per cent of the net shares have been tendered till date. The number of shares tendered by the public shareholders in the delisting offer was nearly 137.8 crore shares, which was more than the minimum requirement of 134.1 crore shares. SHARES NEEDEDNo. They had announced plans of delisting its shares. If an extension is given, at the end of which atleast 134.12 crore shares are tendered in confirmed bids, then VRL will have succeeded in the first phase of the process. For a successful delisting, 1.34 billion shares had to be tendered, while the company received just 1.25 billion shares. Later in June, in a special resolution by postal ballot, 93.3 per cent of all shareholders and 84.3 per cent of public shareholders approved delisting of shares of Vedanta. 90% ThresholdIf the reverse book building process is not extended, then as per the last available data Vedanta Resources Ltd., the parent company making the delisting offer, will have insufficient shares to cross the 90% shareholding threshold and the delisting will have failed. Loan moratorium cannot be exceeded beyond six months: RBI tells Supreme Court. If they fail to reach 90% shareholding the delisting offer will have failed.Exit PriceThe price at which 90% shareholding is achieved -- whether it’s the discovered price, if accepted by the promoters, or a counter offer price -- will be deemed the exit price. If the delisting had garned the required number then promoters could have made a counter offer at more than Rs 150 per share. The reasons for why they remain unconfirmed are yet to be clear. Billionaire Anil Agarwal-backed Vedanta's delisting offer is deemed to have failed, the company informed exchanges on October 10. In the counter offer if  the minimum required number of shares would have been tendered by the public shareholders then the delisting would have gone through at the counter-offer price made by the promoters. As per the consolidated balance sheet of the company as on March 2020, book value of Vedanta could be Rs 147 per share. In May, the promoters of Vedanta had announced a delisting offer at Rs 87.5 per share. Bloomberg | Quint is a multiplatform, Indian business and financial news company. LIC, which held 6.37 per cent in Vedanta, submitted all its shares at a price of Rs 320, a 267 per cent premium over the floor price of Rs 87.25, upsetting Vedanta's calculations. If the delisting had garned the required number then promoters could have made a counter offer at more than Rs 150 per share. are yet … IIFL View. 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