“The total number of shares validly tendered by the public shareholders in the delisting
offer is 1,255 million, which is less than the minimum number of shares required to be accepted by the acquirers in order for the delisting
offer to be successful. Thus, the delisting offer is deemed to have failed, the company said in the exchange filing.
As the delisting attempt has failed the promoters will not acquire any shares tendered by public shareholders in the delisting offer and all shares will be returned to the respective public shareholders. The equity shares of the company will continue to remain listed on the stock exchanges, it said.
The failure of the delisting offer is sentimentally negative for Vedanta.
According to a Business Standard report, Vedanta
Resources founder Anil Agarwal and the management committee of Vedanta Limited are scheduled to meet Monday (October 12) to discuss the next course of action after the latter failed in its delisting attempt on Friday.
“A web conference has been scheduled between the management of Vedanta (Limited) and promoters of the company tomorrow to discuss the next course of action,” the report suggested. CLICK HERE TO READ FULL REPORT
In May, the promoters of Vedanta had announced a delisting offer at Rs 87.5 per share. Later in June, in a special resolution by postal ballot, 93.3 per cent of all shareholders and 84.3 per cent of public shareholders approved the delisting of shares of Vedanta.