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Vedanta Share: The shares tendered in delisting offer shall be returned to the shareholders.Vedanta shares plunged as much as 20 per cent in mid-morning deals on Monday due to the miner's failure to buy back shares and delist itself, compelling it to return all the shares tendered as part of the process.
The Vedanta stock struck the lower circuit of 20 per cent at Rs 94 on the BSE. At 11:15 am, the shares of Vedanta were trading marginally off the day's lows at Rs 100, down 18 per cent on the BSE."The total number of offer shares validly tendered by the public shareholders in the delisting offer is 1,25,47,16,610 offer shares, which is less than the minimum number of offer shares required to be accepted by the acquirers in order for the delisting offer to be successful...
Thus, the delisting offer is deemed to have failed," Vedanta said in a regulatory filing to the stock exchanges over the weekend.The equity shares tendered in the delisting offer shall be returned to the respective public shareholders, Vedanta added.The company's parent, Vedanta Resources, which owns 36.80 per cent in the Indian company, had said during the de-listing announcement in May that it would delist and make the company private to expedite the process of simplifying its corporate structure.Since the delisting announcement, the shares of Vedanta had risen nearly 37 per cent until Friday's closing price.The BSE Sensex was at 40,674, higher by 168.25 points or 0.42 per cent and the NSE Nifty was at 11,949.15, down 38.65 points or 0.33 per cent at the time.
