Update on Vedanta Delisting - Angel Broking

Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd

Vedanta Delisting - As per the latest data available at exchanges, total 127.86 crores shares have been offered at different prices, with maximum bids happening in between ₹145 - ₹160 as compared to floor price of ₹87.25. We expect that the discovered price may end up being much higher than the floor price and there could be a possibility of the promoters coming out with a counter offer. Currently the promoters own 50.14% of the shares in the company and will need to increase their holdings to at least 90% for successful delisting. The Reverse Book building process for price discovery is currently under progress and today is the last day for bidding. We believe that It would be prudent for retail shareholders to participate in the Reverse book building process.

Shares of Vedanta Limited was last trading in BSE at Rs.117.6 as compared to the previous close of Rs. 123.6. The total number of shares traded during the day was 6282568 in over 36082 trades.

The stock hit an intraday high of Rs. 127.2 and intraday low of 111.15. The net turnover during the day was Rs. 741317327.

Source : Equity Bulls

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