Update on Vedanta delisting
Published On: Friday, October 9, 2020 | By: Team KnowMyStock
The metals major is about to close a 5-day reverse book building process today (Oct. 9) in which public shareholders have already tendered 137.1 crores of the total 169.73 crore shares held by them, against the minimum requirement of 134 crore shares taking the promoter shareholding to above the 90% threshold required for a successful delisting. Shares of the company closed 3.83 per cent higher at Rs 122.10 on Friday, Of the 137 crore shares, more than 69 crore shares tendered up to Rs 155 per share, 21 crore at Rs 160 per share and 31.80 crore at Rs 320 per share. The Bombay Stock Exchange has extended the bidding till 7 pm today as some of the retail shareholders reportedly faced trouble in tendering shares. The discovered price on account of the reverse book building process will be announced soon. It is the price at which the promoter shareholding reaches 90% of the total issued and paid-up equity share capital of the company.
As per Mr. Yash Gupta, Angel Broking Ltd, we believe that the discovered price may end up being much higher than the floor price and there could be a possibility of the promoters coming out with a counteroffer and It would be prudent for retail shareholders to participate in the Reverse book building process .Commenting on the reverse book building process, Vedanta founder Anil Agarwal told news channels that book building has created a lot of momentum and a large portion of institutional and high-net-worth investors have already tendered their shares.
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