Billionaire Anil Agarwal-backed Vedanta has failed to complete its delisting process, data available on the BSE shows. Promoters of the metal major required 134.1 crore shares to successfully delist from the exchanges. However, their five-day reverse book building (RBB) process, which ended on October 9 evening, saw only 125.47 crore confirmed bids. As per the demand schedule released by the BSE, about 12.32 crore shares tendered are yet to be confirmed.
Data showed public shareholders tendered 137.1 crore of the total 169.73 crore shares held by them but some bids were pending confirmation from bankers and custodians.
According to a report in Moneylife, bankers to Vedanta Resources, DAM Capital and JP Morgan, have requested SEBI for a one-day extension, saying glitches in the BSE tendering webpage upset public participation.
The share tendering process was tepid till October 8 but it gained momentum on the final day and Vedanta looked on course to a successful delisting.
Life insurance Corporation (LIC), which holds a 6.37 percent stake in the company, tendered all its shares at Rs 320 which is a 267 percent premium over the floor price of Rs 87.25. Two other big mutual funds have tendered their shares at Rs 153 and Rs 160 per share.
The de-listing offer of Vedanta Ltd has failed to de-list the shares from the bourses, Vedanta’s UK promoters required 134 crore shares. According to the BSE website, only 125.47 crore shares were tendered until 7.20 pm.UK promoters of Vedanta hold around 50 per cent in the company and had to acquire 40 per cent stake to de-list.
Vedanta will be needing Rs,42,880 crores if RBB lends at Rs. 320 per share. There are two options left either the promoters pay shareholders by October 23 or the Promoters announce counter offer by October 13.
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