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    Vedanta gets in-principle approval for delisting from NSE, BSE

    Synopsis

    The company fixed October 5 as bid opening date for delisting offer and October 8 for upward revision or withdrawal of bids.

    When Vedanta had announced its intention to voluntarily delist its Indian subsidiary in May 2020, it set an indicative floor price of Rs 87.5 per share.

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    NEW DELHI: Vedanta on Tuesday informed bourses that it has received in-principle approval from BSE and NSE for delisting offer.

    Shares of the company traded 1.40 per cent higher at Rs 141 at around 9.20 am (IST), while the benchmark BSE Sensex traded 0.56 per cent higher at 38,194.

    The company fixed October 5 as bid opening date for delisting offer and October 8 for upward revision or withdrawal of bids.

    The company in May had announced its decision to delist from the domestic stock exchanges by buying out non-promoter shareholding.

    The public shareholding in Vedanta is currently at 49.49 per cent or 183.98 crore shares.

    When Vedanta had announced its intention to voluntarily delist its Indian subsidiary in May 2020, it set an indicative floor price of Rs 87.5 per share.

    Vedanta Resources has since then mobilised $3.15 billion to fund the delisting - $1.75 billion from banks for a 3-month term loan facility and another $1.4 billion from 3 year-amortising bonds.

    Basis the outstanding public shareholding, if Vedanta Resources utilises the entire amount of $3.15 billion, it can now pay a maximum delisting price of up to Rs 128 per share, according to PTI.

    Vedanta has also fixed October 16 as the last date for the announcement of discovered price or exit price.
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