Or, does it indicate poor judgement on the part of the investors? The rules say that the offer must have closed at the close of the trading hour. The main reason for the failure of the delisting process of Vedanta Ltd is not clear. That means that 12.31 crore shares weren’t confirmed. 15 Tomorrow is different. Not because the offer fell through, which would be fine. Last week, Vedanta Ltd’s delisting went from almost-a-success to failure due to a large number of unconfirmed orders. The spokesperson also refused to comment on the likely delisting price or if the group could raise more money to … 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. Investec has … Once this buy-back price is arrived at, all bids or offers equal to or below this price will be accepted. J.N. The onus is now on the authorities – the stock exchange mandarins and the market regulator – to give a final answer. Thus, the Delisting Offer is deemed to have failed in terms of Regulation 19 (1) of the Delisting Regulations," Vedanta said in the exchange release. 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. The shares of Vedanta Limited are listed on the BSE Limited and the National Stock Exchange in India and its American Depository Receipts are listed on the New York Stock Exchange. Media reports indicate that capital markets regulator SEBI may ask the BSE to probe and get to the bottom of the matter, an exercise whose results will no doubt be keenly watched. Vedanta chairman Anil Agarwal, in an interview with CNBC-TV18, said the company will go for a counteroffer for the buyback of shares "if need be". The story was playing out fairly on the expected line for the most part of the final day of the closure of the offer, i.e. Shares of Vedanta on Monday plummeted nearly 21 per cent after the company's delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders. Shares of Vedanta Ltd had plummeted by more than 20 per cent on Monday after the company’s delisting went from almost-a-success to failure on account of a large number of unconfirmed orders. Your Reason has been Reported to the admin. Shareholders then communicate their bids through the trading members (brokers, to be precise). Days Trial What We Should and Shouldn’t Take Away from Vedanta’s Delisting Failure, indicate that capital markets regulator SEBI may ask the BSE to probe and get to the bottom of the matter. First, Vedanta had to get its board of directors to approve - which it did. Vedanta Ltd's delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders, forcing the company to look for options to extend the buyback period by a day. Home / Business / Vedanta plunges as delisting plan fails The stock tanked 23 per cent to Rs 94 on BSE. When contacted, Vedanta spokesperson refused to comment on the debt position or impact on revenues due to the shutdown of copper and iron ore businesses. Photo: Reuters/Danish Siddiqui/Files. Thereafter, stock exchanges step in to facilitate the process of reverse book-building via an online bidding system. There is a rider, though. The failed delisting of Anil Agarwal’s Vedanta Ltd has narrowed the refinancing options for its parent company Vedanta Resources, raising risks over the … The delisting was sought to be done through a process of ‘reverse book-building’. So, you see, there are considerable benefits. Vedanta shares plunged as much as 20 per cent in mid-morning deals on Monday due to the miner's failure to buy back shares and delist itself, compelling it … Till the final lap, it was assumed that the Vedanta offer would sail through. Let's reshape it today, Hunt for the brightest engineers in India, Read Stock Insights by ET for a quick analysis. The stock plunged 20.60 per cent to close at Rs 96.95 on BSE. In a regulatory filing, Vedanta said its buyback offer is deemed to have failed as […] Vedanta Ltd. ’s delisting failed as 12.3 crore shares offered were deemed invalid bids by custodians. Sharp Insight-rich, Indepth stories across 20+ sectors, Access the exclusive Economic Times stories, Editorial and Expert opinion. Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. Vedanta delisting failure: The options in front of shareholders. The offer made by the promoters to delist the shares of Vedanta Ltd. has fallen through. Vedanta Ltd's delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders, forcing the company to look for options to extend the buyback period by a day. Then it had to decide on a minimum floor price at which the shares would be bought during the delisting period. Choose your winners rationally in 3 simple steps! The company's promoter Vedanta Resources deemed the delisting offer to have failed after lower than required shares were offered. Shares of Vedanta on Monday plummeted close to 21% after the company’s delisting went from almost-a-success to failure, on account of a large quantity of … This may come out as a negative point for Vedanta as the promoter did not make a counteroffer. And these remained unconfirmed despite a four-hour extension. A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 6, 2020. What went wrong? The total public holding was in the vicinity of 169.73 crore shares. 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