INSUBCONTINENT EXCLUSIVE:
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.
