Vedanta share price locked at upper circuit as board mulls delisting proposal

Vedanta share price was locked at 10 percent upper circuit on May 13 after the company said it is going to consider delisting proposal on May 18.

The company board meeting is scheduled to be held on May 18 to approve/ reject the delisting proposal after taking into account various factors and the Merchant Banker’s due diligence report, the company said.

Billionaire metals and mining magnate Anil Agarwal on May 11 announced a proposal to delist Vedanta from the Indian stock exchanges with promoter group Vedanta Resources making an offer to buy out the 48.94 percent non-promoter shares at Rs 87.5 per share.

Also Read - Anil Agarwal set to delist Vedanta from domestic bourses

The promoter group holds 50.14 percent stake in the firm as per the latest shareholding pattern available on stock exchanges. The Vedanta stock had surged by over 12 percent at the end of trading hours on May 11. The current market capitalisation of Vedanta based on its May 11 closing price stands at Rs 33,194 crore.

There were pending buy orders of 2,633,071 shares, with no sellers available.

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