Vedanta board gives its approval to delisting proposal
The board of directors of Vedanta Limited on Monday gave their approval to a delisting proposal by its parent Vedanta Resources. In a late evening regulatory filing with the bourses, Vedanta said its board has given the green signal to the company to seek shareholders’ approval for the delisting proposal by way of a special resolution through postal ballot and e-voting.
Last week, Vedanta had said that it has received a letter from Vedanta Resources, which is one of the members of the promoter group, that they wish to acquire all equity shares of the company that are held by the public shareholders.
The public holding aggregates to 49.86 per cent of its equity.
Vedanta on Monday said the floor price for the delisting is Rs 87.25 per share and that Vedanta Resources is willing to accept the equity shares at a price of Rs 87.5 per share.