Vedanta gets minimum 134 crore shares needed for delisting

Vedanta Limited received bids for minimum shares needed to delist the company on the last day of the reverse book building process.

Data available with BSE showed that the company recevived bids for over 137 crore shares against the minimum requirement of 134 crore shares.

Shares of the company closed 3.83 per cent higher at Rs 122.10 on Friday, while the benchmark BSE Sensex settled 0.81 per cent up at 40,509.

Of the 137 crore shares, more than 69 crore shares tendered up to Rs 155 per share, 21 crore at Rs 160 per share and 31.80 crore at Rs 320 per share.

Commenting on the reverse book building process, Vedanta founder Anil Agarwal told news channels that book building has created a lot of momentum and a large portion of institutional and high-net worth investors have already tendered their shares.

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