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Vedanta Group requires another 7.62 crore shares for the delisting to succeed. The reverse book building process will end at 3.30 pm today. Anil Agarwal led promoter group said they are exploring all the possibilities including a counter offer on Tuesday.
About 126.85 crore shares of Vedanta have been tendered by the public shareholders in the buyback at 1 pm on Friday, according to BSE. A total of 134.47 crore shares out of 169.73 crore shares held by public shareholders need to be tendered for the delisting to succeed.
A large chunk of shares totalling 37 crore including that of Life Insurance Corporation (LIC) were tendered at Rs 320 per share as against the floor price of Rs 87.25 apiece, showed the data from the Bombay Stock Exchange.
Market sources said two large mutual funds have tendered their shares at Rs 153 and Rs 160 per share respectively.
The final exit offer price will be decided on the basis of bids placed by public shareholders, which should take the cumulative tendered shares to 134 crore.
Shares of Vedanta gained 5% on Friday to trade at Rs 123.15 on BSE.
Promoters can make a counter offer on October 13 at any price above book value if the discovered price is not acceptable to them. The final outcome of the success or failure of the delisting would be known on October 16. If delisting is successful promoters have to pay within 10 days to minority shareholders who have subscribed to offer. Remaining shareholders will have up to one year to tender their shares at the exit pric
About 126.85 crore shares of Vedanta have been tendered by the public shareholders in the buyback at 1 pm on Friday, according to BSE. A total of 134.47 crore shares out of 169.73 crore shares held by public shareholders need to be tendered for the delisting to succeed.
A large chunk of shares totalling 37 crore including that of Life Insurance Corporation (LIC) were tendered at Rs 320 per share as against the floor price of Rs 87.25 apiece, showed the data from the Bombay Stock Exchange.
Market sources said two large mutual funds have tendered their shares at Rs 153 and Rs 160 per share respectively.
The final exit offer price will be decided on the basis of bids placed by public shareholders, which should take the cumulative tendered shares to 134 crore.
Shares of Vedanta gained 5% on Friday to trade at Rs 123.15 on BSE.
Promoters can make a counter offer on October 13 at any price above book value if the discovered price is not acceptable to them. The final outcome of the success or failure of the delisting would be known on October 16. If delisting is successful promoters have to pay within 10 days to minority shareholders who have subscribed to offer. Remaining shareholders will have up to one year to tender their shares at the exit pric
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5 Comments on this Story
 | Shantilal Changede22 seconds ago in the past also they had sent cheque w/o notice of delisting Sterlite industries, institutions should vehemently oppose offer price |
| Yashodhan Muzumdar11 minutes ago Agarwals have cheated Indians whether it is Sterlite or Vedanta.In the case of Sterlite it was a day light robbery. Thanks to SEBI and others people will get more than offer price. |
| doinoub413 minutes ago Investors should stop investing in the two mutual funds that tendered their shares at 153 and 160. They are supporting Anil Agarwal to benefit at the cost of Investors who invested in Vedanta at more than Rs. 300 per share. |