Vedanta Ltd’s delisting offer has failed, shows the company’s statement to the stock exchanges.
“Vedanta Resources Limited and its indirect subsidiaries have informed us, namely Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited (collectively,” Acquirers “) that the De-listing Offer is deemed to have failed in terms of the Regulation 19 (1) of the Exclusion Regulations, “Vedanta Limited said in a statement available on the BSE website.
To remove the shares from the stock exchanges, Vedanta’s UK promoters required 1.34 billion shares.
“The total number of Offering Shares validly tendered by Public Shareholders in the List Exclusion Offer is 1,25,47,16,610 Offering Shares, which is less than the minimum number of Offering Shares required to be accepted by Buyers for Foreclosure Offer to Succeed, “the statement added.
Vedanta’s promoters wanted to buy 1.70 billion shares or a 47.67 percent stake held by the public to eliminate the company.
Vedanta shares closed at Rs 122.10 on the BSE on Friday, a 3.83 percent gain over the previous close.
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