Delisting: 17.15 Cr Shares of Vedanta Tendered So Far, Nearly Half in Rs 138-140 Bracket

The final exit offer price will be decided on the basis of bids placed by public shareholders, which should take the shareholding of promoters to at least 90 per cent of the paid up equity share capital of Vedanta. Industry sources said Vedanta may not be able to raise any more money to fund the delisting exercise as the lenders have put a cap on any further mobilisation.

“There has been some speculation that Hindustan Zinc has raised Rs 3,520 crore via NCDs to help the parent in delisting but funds raised at HZL have nothing to do with the delisting transaction. In fact, it is not legally allowed for HZL or Vedanta to fund the delisting transaction under Indian law,” a source said. Meanwhile, leading brokerages like ICICI Securities, Citi Research and CLSA have come out with revised price targets on the Vedanta stock after the metals-to-mining major reported a 23.5 per cent drop in quarterly profit as one of the world’s strictest lockdowns hit production and demand.