Vedanta De-Listing Fails - Angel Broking

Posted On : 2020-10-12 11:15:53( TIMEZONE : IST )

Vedanta De-Listing Fails - Angel Broking

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

"Delisting fails - As promoter group required to increase their holdings to at least 90% for successful delisting, but after the bidding of total 137.78 cores share only 125.47 crores shares are only confirmed by the shareholder, which is less than the required number of shares for successful delisting. As the required number of shares has not been bid so the company can't come up with the Counter offer also. Share of Vedanta ltd will trade on stock exchanges as they were doing in normal course of action. This failed delisting will be negative development or the stock."

Shares of Vedanta Limited was last trading in BSE at Rs.122.1 as compared to the previous close of Rs. 117.6. The total number of shares traded during the day was 7302147 in over 39144 trades.

The stock hit an intraday high of Rs. 128.5 and intraday low of 111.5. The net turnover during the day was Rs. 876209377.

Source : Equity Bulls