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Vedanta gets at least 134 crore shares required for delisting

Vedanta Limited got offers for least offers for minimum shares expected to delist the organization on the last day of the opposite book building process.

Information accessible with BSE indicated that the organization recevived offers for more than 137 crore shares against the base prerequisite of 134 crore shares.

The offering time should close at 3.30 pm. In any case, the equivalent has been stretched out till 7 pm. “As per BSE’s Offer to Buy – Acquisition Window, the delisting session for the Company has been extended till 7:00 pm for October 9, 2020,” Vedanta said in a regulatory filing.

Shares of the organization shut 3.83 percent higher at Rs 122.10 on Friday, while the benchmark BSE Sensex settled 0.81 percent up at 40,509.

Of the 137 crore shares, in excess of 69 crore shares offered up to Rs 155 for each offer, 21 crore at Rs 160 for every offer and 31.80 crore at Rs 320 for each share.

Remarking on the converse book building process, Vedanta founder Anil Agarwal told news channels that book building has made a great deal of momentum and a huge segment of institutional and high-net worth investors have just offered their shares.

Prior, the Stakeholders Empowerment Services (SES) said Vedanta’s stake in Hindustan Zinc alone is esteemed at Rs 145. Vedanta held 64.92 percent in the organization as of June 30. “Hence, investors should not mind bidding at Rs 200-250 per share,” SES said.

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.