Vedanta drops 3% on LSE delisting plan
Related
NEW DELHI: Vedanta tumbled 3 per cent on Tuesday after the group's decision to delist Vedanta Resources from the LSE in $1.1 billion share buyback.
Weak global cues due to heightened trade war fears too weighed on the stock.
At 10.45 am, the scrip was down 3.04 per cent at Rs 231.45 on the BSE.
The Anil Agarwal-led Volcan Investments, the main holding company of UK-based Vedanta Resources, is looking to acquire 33.5 per cent of the public shareholding and delist the group flagship company from the London Stock Exchange (LSE).
The transaction, when completed, will cost Volcan $1.1 billion, or Rs 7,007 crore.
ET was the first to report on Monday that the London-based natural resources giant was considering plans to delist from LSE. There was speculation in the market that the move to delist was triggered by the protests against the Vedanta plant in Tuticorin.
Weak global cues due to heightened trade war fears too weighed on the stock.
At 10.45 am, the scrip was down 3.04 per cent at Rs 231.45 on the BSE.
The Anil Agarwal-led Volcan Investments, the main holding company of UK-based Vedanta Resources, is looking to acquire 33.5 per cent of the public shareholding and delist the group flagship company from the London Stock Exchange (LSE).
The transaction, when completed, will cost Volcan $1.1 billion, or Rs 7,007 crore.
ET was the first to report on Monday that the London-based natural resources giant was considering plans to delist from LSE. There was speculation in the market that the move to delist was triggered by the protests against the Vedanta plant in Tuticorin.