Vedanta lost nearly 21% after current failures – Business News

Vedanta lost nearly 21% after current failures – Business News

Vedanta shares fell nearly 21 per cent on Monday, after the company’s delisting nearly failed due to a large amount of unconfirmed orders.

The stock fell 20.60 percent to close at Rs 96.95 on the BSE. During the day, it rose 23 percent to Rs 94. On the NSE, it fell 20.68 percent to close at Rs 96.65.

The company’s market valuation on BSE declined by Rs 9,347.78 crore to Rs 36,038.22 crore. In terms of volume, 85.06 lakh shares were traded on BSE and 14.50 crore shares on NSE. In a regulatory filing, Vedanta said its buyback offer was considered a failure as per the delisting rules as promoter Vedanta Resources did not get the required number of shares to delist the firm.

A large number of unconfirmed bids and some technical glitches are likely to contribute to the failure in the tender process.

On the evening of 9 October, BSE showed 137.74 crore shares, out of a total of 169.73 crore shares, which were offered for sale to the publicans, exceeding the limit of 134.12 crore. However, some bids were kept pending confirmation from the Custodian.

The figures were recast due to the number of shares offered to bring the number of sales to 125.47 crore. This, Vedanta said, was “less than the minimum number of required offshore shares to be accepted by the recipients to get the current offering to succeed.” He said, “Accordingly, the acquirers will not acquire any equity shares offered by the public shareholders and the equity shares of the company will remain listed on the stock exchanges. ”

All equity shares in the current offering will be returned.

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