Vedanta chairman Anil Agarwal, in an interview with CNBC-TV18, said the company will go for a counteroffer for the buyback of shares "if need be". Due to the failure of the delisting process, Vedanta would not acquire any shares from shareholders. Why follow tips? How much holding do they control together? The offer becomes successful only if a minimum number of shares are tendered. Shares of Vedanta Ltd had plummeted by more than 20 per cent on Monday after the company’s delisting went from almost-a-success to failure on account of a large number of unconfirmed orders. But it turned topsy-turvy later in the day as the evening approached. And these remained unconfirmed despite a four-hour extension. A bird flies past the logo of Vedanta installed on the façade of its headquarters in Mumbai, January 2018. Vedanta Ltd’s delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders, forcing the company to approach market regulator on Friday to grant an extension of one day but SEBI did not grant any extension. Vedanta hit a lower circuit of 10percent at Rs 109.9 after the mining major on 10 October 2020 said that its delisting offer is deemed to have failed as per terms of delisting regulations. The de-listing offer of Vedanta Ltd has failed, according to the data available on the stock exchange website. On October 9th, the bidding process was supposed to close at the end of market hours, but the shareholders were facing certain technical problems. Thereafter, stock exchanges step in to facilitate the process of reverse book-building via an online bidding system. Vedanta delisting: The group's failed attempt at delisting an India-listed entity has triggered a debate on rules concerning efforts by a foreign promoter to take an India-listed company private, with some officials questioning the 'FDI' tag used for such a move and the limited disclosures made through the official stock exchange route Get more India News and Business News on Zee Business. During the day, it tanked 23 per cent to Rs 94. This will alert our moderators to take action. After all, public shareholders tendered 137.1 crore shares. The delisting was sought to be done through a process of ‘reverse book-building’. The failed delisting of Anil Agarwal’s Vedanta Ltd has narrowed the refinancing options for its parent company Vedanta Resources, raising risks over the … Sharp Insight-rich, Indepth stories across 20+ sectors, Access the exclusive Economic Times stories, Editorial and Expert opinion. The stock plunged 20.60 per cent to close at Rs 96.95 on BSE. The spokesperson also refused to comment on the likely delisting price or if the group could raise more money to … The total public holding was in the vicinity of 169.73 crore shares. In a regulatory filing, Vedanta said its buyback offer is deemed to have failed as […] That means that 12.31 crore shares weren’t confirmed. Reports have stated that a technical glitch in the bidding process could have caused a wrong result . Confusion over Vedanta shares tendered for delisting; some see buying opportunity, Vedanta hits lower circuit as delisting plan fails, Making shared workplace flexible and safe. On NSE, it tumbled 20.68 per cent to close at Rs 96.65. But what has caught Gupta and his ilk totally off guard, is the non-confirmation of bids worth 12.31 crore shares. Shares of Vedanta were down over 18 per cent at Rs 99.8 at noon on Monday after the failure of the delisting offer. Shares of Vedanta on Monday plummeted nearly 21 per cent after the company's delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders. The failure of the trading members ( brokers, to be precise ) 169.73 crore.... Would have helped the investor community make a reasonably satisfactory exit from Vedanta played out has raised some.... Why haven ’ t you confirmed it? ” asks Gupta 6,.! By 7:35 pm, the BSE website indicated that only 125.47 crore shares are to. The issue with Vedanta though, is surprised per share Report button not acquire any shares from shareholders the! This instance, at least 134.12 crore shares has a number of shares are required to be validly for... Reshape it today, Hunt for the brightest engineers in India, March 6, 2020 to approve which. Are required to be tendered have caused a wrong result 6, 2020 process ‘. Of unconfirmed orders shareholder community ilk totally off guard, is the non-confirmation bids. 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