Vedanta delisting: Anil Agarwal may come up with a counter offer

Vedanta Group requires another 7.62 crore shares for the delisting to succeed. The reverse book building process will end at 3.30 pm today. Anil Agarwal led promoter group said they are exploring all the possibilities including a counter offer on Tuesday.

About 126.85 crore shares of Vedanta have been tendered by the public shareholders in the buyback at 1 pm on Friday, according to BSE. A total of 134.47 crore shares out of 169.73 crore shares held by public shareholders need to be tendered for the delisting to succeed.

A large chunk of shares totalling 37 crore including that of Life Insurance Corporation (LIC) were tendered at Rs 320 per share as against the floor price of Rs 87.25 apiece, showed the data from the Bombay Stock Exchange.


Market sources said two large mutual funds have tendered their shares at Rs 153 and Rs 160 per share respectively.

The final exit offer price will be decided on the basis of bids placed by public shareholders, which should take the cumulative tendered shares to 134 crore.

Shares of Vedanta gained 5% on Friday to trade at Rs 123.15 on BSE.

Promoters can make a counter offer on October 13 at any price above book value if the discovered price is not acceptable to them. The final outcome of the success or failure of the delisting would be known on October 16. If delisting is successful promoters have to pay within 10 days to minority shareholders who have subscribed to offer. Remaining shareholders will have up to one year to tender their shares at the exit pric