Vedanta gets shareholders' nod for delisting
The proposal required approval of at least 66.7 per cent of minority shareholders.
By PTI | Updated:
BCCL - Non Copyright
New Delhi: Billionaire Anil Agarwal-controlled Vedanta Ltd on Thursday said it has received shareholders' nod for delisting the company.
"...the special resolution (for voluntary delisting of the equity shares of the company from BSE Ltd (BSE) and National Stock Exchange of India Limited (NSE))...has been approved by the members with requisite majority," Vedanta Ltd said in a filing to Bombay Stock Exchange.
"The approval is considered to have been received on the last date specified for remote e-voting i.e., Wednesday, June 24, 2020," it added.
While 93.342 per cent of the votes were in favour of the proposal, 6.658 per cent were against it, the filing said.
The proposal required approval of at least 66.7 per cent of minority shareholders.
Vedanta Ltd had last month initiated the process for seeking shareholders' approval for delisting.
The firm, through a postal ballot, had sought shareholders' nod to delist after Agarwal's Vedanta Resources Ltd offered to buyout about 49.9 per cent of public shareholding at a price of Rs 87.5 per share.
Vedanta Resources Ltd (VRL), which owns 50.1 per cent of Vedanta Ltd, offered to acquire all of the balance 49.9 per cent shareholding held by the public and delist the company.
On May 18, Agarwal-chaired board of directors of Vedanta Ltd approved its parent VRL's open offer.
"...the special resolution (for voluntary delisting of the equity shares of the company from BSE Ltd (BSE) and National Stock Exchange of India Limited (NSE))...has been approved by the members with requisite majority," Vedanta Ltd said in a filing to Bombay Stock Exchange.
"The approval is considered to have been received on the last date specified for remote e-voting i.e., Wednesday, June 24, 2020," it added.
While 93.342 per cent of the votes were in favour of the proposal, 6.658 per cent were against it, the filing said.
The proposal required approval of at least 66.7 per cent of minority shareholders.
Vedanta Ltd had last month initiated the process for seeking shareholders' approval for delisting.
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The firm, through a postal ballot, had sought shareholders' nod to delist after Agarwal's Vedanta Resources Ltd offered to buyout about 49.9 per cent of public shareholding at a price of Rs 87.5 per share.
Vedanta Resources Ltd (VRL), which owns 50.1 per cent of Vedanta Ltd, offered to acquire all of the balance 49.9 per cent shareholding held by the public and delist the company.
On May 18, Agarwal-chaired board of directors of Vedanta Ltd approved its parent VRL's open offer.
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