New Delhi billionaire businessman Anil Agarwal’s company Vedanta Resources is at a very low level in the stock market these days. In the list released, the name of this company has reached the lowest level, the most reason is that the company has failed to get all the shares needed for delisting. Due to which she is running at a huge loss.
Vedanta needed 134 crore shares as per the bouncing figures of the stock market. The process of Reverse Booking Building (RBB) was open on 9 October and ended. Bidding on this stock market started from October 5 and closed on Friday. In which the company got a bid of only 126 crore shares.
The company will remain on the list at the moment
Even after this loss suffered by the company, it will remain listed on the stock exchange. Explain that if the promoter of Vedanta also buys 134 crore shares out of the total 169.73 crore shares held by the shareholders, then the listing of the company ends from the stock market.
Promoters are looking to buy back stake
Vedanta Company is looking to buy back 169.73 crore shares i.e. 47.67 per cent stake for its delisting. These shares are with the common shareholders.
Promoters want to buy 47.67 percent stake
The promoters want to buy 169.73 crore shares or 47.67 per cent stake from common shareholders to delist Vedanta from the market. The company’s bid for this started on 5 October and will run till 9 October. And its price will be decided on October 16. On the BSE, Vedanta shares were trading lower at Rs 118 on Thursday.
The company raised Rs 24,000 crore
On the BSE, Vedanta’s stock closed at Rs 122.10, up 3.83 per cent on Friday. The company has raised $ 3.15 billion, or about Rs 24,000 crore, to end delisting. After which the company can repurchase with this financing at a price of Rs 140- 145 per share.