Vedanta share price slipped nearly 2 percent in the early trade on May 19 after the board had approved the de-listing from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The company board, in its meeting held on May 18, granted approval to the de-listing proposal, after having discussed and considered various factors, as per the company's BSE filing.
The approval was granted to the company to seek shareholders' approval for the aforesaid de-listing proposal by way of special resolution through postal ballot and e-voting, and in this regard, the draft of the postal ballot notice and the explanatory statement thereto were also approved, it added.
Last week the company received a letter from the promoter Vedanta Resources, expressing its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the company that are held by the public shareholders and consequently voluntarily delist the equity shares from the recognized stock exchanges.
The promoter sets delisting floor price at Rs 87.5 per share.
At 09:34 hrs, Vedanta was quoting at Rs 91.60, down Rs 0.85, or 0.92 percent, on the BSE.