Vedanta Limited’s delisting from the Indian stock exchanges is stalled as the company failed to secure the minimum number of public shareholders’ shares required for the delisting offer. The company’s promoters notified that the delisting offer is deemed to have failed as per SEBI’s Delisting Regulations 2009. The company attributed the failure to many unconfirmed orders.
Public shareholders tendered 1,254,716,610 shares, which is less than the 1,340mn shares required by Vedanta’s promoters for a successful delisting.
With this new announcement, the company’s equity shares and those tendered by the shareholders in the delisting offer will continue to remain listed on the exchanges for now.
The promoters will have to make an announcement mentioning the final exit price within five working days from the closure of the bid period Oct 16. The company’s delisting offer for public shareholders was open from Oct 5 through Oct 9. The floor price for the same was set at Rs87.25 per share.