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Last Updated : Oct 10, 2020 11:01 AM IST | Source: PTI

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

Post approval, the company''s parent Vedanta Resources (VRL) and its subsidiaries issued a public announcement with regard to the delisting offer.

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Billionaire Anil Agarwal-controlled Vedanta on Tuesday said it has received in-principle approval from stock exchanges -- BSE and National Stock Exchange of India (NSE) -- for its delisting from the bourses.

Post approval, the company''s parent Vedanta Resources (VRL) and its subsidiaries issued a public announcement with regard to the delisting offer.

"...BSE and National Stock Exchange of India have issued their in-principle approval for the delisting offer pursuant to their letters each dated September 28, 2020,” Vedanta said in a regulatory filing.

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Vedanta Resources and its wholly-owned indirect subsidiaries - Vedanta Holdings Mauritius and Vedanta Holdings Mauritius II - have also issued a public announcement with regard to the delisting offer on Tuesday.

In June this year, Vedanta had received shareholders'' nod for delisting the company. The firm, through a postal ballot, had sought shareholders'' nod to delist after VRL offered to buy out about 49.9 percent of public shareholding at a price of Rs 87.5 per share.

VRL, which owns 50.1 percent of Vedanta, offered to acquire all of the balance 49.9 percent shareholding held by the public and delist the company.

On May 18, Agarwal-chaired board of directors of Vedanta approved its parent VRL''s open offer.

Shares of Vedanta were trading 0.18 percent higher at Rs 139.30 apiece on BSE.

Also Watch | Explained: What happens to your investments when a company delists
First Published on Sep 29, 2020 10:34 am
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