Vedanta says delisting could bring $3 billion FDI into India
Oct 13, 2020, 13:29 IST
As the delisting bid of minerals major Vedanta Ltd failed last week, the company has said that if successful, the bid would have brought in foreign direct investment (FDI) of $3.15 billion into the Indian economy.
In a statement on Tuesday, the company expressed gratitude towards the capital market regulator SEBI, BSE, its shareholders, the banks and advisors and exuded confidence that the company would grow as a listed company on the Indian exchanges.
It said that launching the delisting bid to garner around 134 crore shares was a "mammoth" task.
"We saw enthusiastic participation by our shareholders that took us within striking distance of our goal, short by only 7 per cent," it said.
"The bid would have resulted in FDI inflow of over 3.15 billion dollars into the Indian economy and helped boost growth between 0.4 per cent and 0.8 per cent through the multiplier impact of such large infusion of funds," said the statement.
It said that Vedanta looks forward to unparalleled opportunities and growth in India and the company is committed to fulfilling the goal of self-reliance in the natural resources sector.
On Saturday, Anil Agarwal's Vedanta Ltd announced that its delisting offer had failed due to the requisite number of shares not being offered by shareholders.
Vedanta's delisting offer is deemed to have failed in terms of the delisting regulations. It said that 125.47 crore shares were validly tendered by public shareholders. The reverse book building process for public shareholders had concluded on Friday.
For successful delisting of the shares, 134.12 crore shares needed to have been validly tendered for the promoter shareholding to cross the 90 per cent shareholding.
At 12.45 p.m. shares of Vedanta Ltd on the BSE were at Rs 100.00, higher by Rs 3.05 or 3.15 per cent from its previous close.
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In a statement on Tuesday, the company expressed gratitude towards the capital market regulator SEBI, BSE, its shareholders, the banks and advisors and exuded confidence that the company would grow as a listed company on the Indian exchanges.
It said that launching the delisting bid to garner around 134 crore shares was a "mammoth" task.
"We saw enthusiastic participation by our shareholders that took us within striking distance of our goal, short by only 7 per cent," it said.
"The bid would have resulted in FDI inflow of over 3.15 billion dollars into the Indian economy and helped boost growth between 0.4 per cent and 0.8 per cent through the multiplier impact of such large infusion of funds," said the statement.
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On Saturday, Anil Agarwal's Vedanta Ltd announced that its delisting offer had failed due to the requisite number of shares not being offered by shareholders.
Vedanta's delisting offer is deemed to have failed in terms of the delisting regulations. It said that 125.47 crore shares were validly tendered by public shareholders. The reverse book building process for public shareholders had concluded on Friday.
For successful delisting of the shares, 134.12 crore shares needed to have been validly tendered for the promoter shareholding to cross the 90 per cent shareholding.
At 12.45 p.m. shares of Vedanta Ltd on the BSE were at Rs 100.00, higher by Rs 3.05 or 3.15 per cent from its previous close.
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SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium
Chinese PLA is reportedly rotating troops despite India's insistence on disengagement from friction points along the border
Mars will appear bigger, redder, and brighter on October 13 — and won’t get this close to Earth again until 2035