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Tuesday
October 2020
2:30 PM IST
News Headlines
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta        NCW seeks explanation from Kamal Nath for his remarks against MP minister        Imran Khan incapable and clueless; betrayed people of Pakistan: Opposition leaders        Nawaz Sharif''s son-in-law arrested in Pakistan        Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases        HC restrains Customs from arresting Sivasankar till Oct 23, suspended officer discharged from hospital        Buttler, bowlers guide RR to seven-wicket win over CSK        Punjab beat MI in second Super Over        Saina, Sindhu's biggest Graffiti in India unveiled        Trump leans into fear tactics in bid to win Midwest states        US polls: New Congress could have more Indian Americans to the House Advertisement        Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc        Flood situation grim in parts of Telangana, Karnataka        Dalit woman gang-raped at gunpoint in UP        Army pressed into service in 4 flood-hit Karnataka dists; CM to undertake aerial survey        Pakistan pacer Umar Gul announces retirement from all forms of cricket        HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr        Biden warns Trump wants to scrap health law        BJP govt has surrendered in front of criminals: Akhilesh        Rahul Gandhi, Capt Amarinder vow to force centre to revoke black farm laws        
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Business News
Vedanta plummets over 24 pc after delisting fails
 
New Delhi, Oct 12 (PTI) Shares of Vedanta on Monday plummeted over 24 per cent after the company's delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders.

The stock tanked 23 per cent to Rs 94 on BSE. On NSE, it tumbled 24.37 per cent to Rs 92.15.

In a regulatory filing, Vedanta said its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm.

A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure.

The BSE on October 9 evening showed 137.74 crore shares, out of a total 169.73 crore shares held by the public, to have been offered for sale to promoters, larger than the threshold of 134.12 crore.

Some bids, however, were pending confirmation from custodians.

Reconciliation of data led to the number of shares offered for sale being trimmed to 125.47 crore.

This, Vedanta said, was "less than the minimum number of offshore shares required to be accepted by the acquirers in order for the delisting offer to be successful."

"Accordingly, the acquirers will not acquire any equity shares tendered by the public shareholders in the delisting offer and the equity shares of the company will continue to remain listed on the stock exchanges," it said.

All equity shares tendered in the delisting offer shall be returned, it added.


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NATIONAL NEWS
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