New Delhi: Anil Agarwal’s Vedanta Limited announced on Saturday that its delisting offer had failed due to the requisite number of shares not being offered by shareholders.
Vedanta’s delisting offer is deemed to have failed in terms of the delisting regulations, the company announced.
Vedanta said that 125.47 crore shares were validly tendered by public shareholders. The reverse book building process for public shareholders had concluded on Friday.
For successful delisting of the shares, 134.12 crore shares needed to have been validly tendered for the promoter shareholding to cross the 90% shareholding.
Accordingly, the acquirers will not acquire any equity shares tendered by the public shareholders in the delisting offer and the equity shares will continue to remain listed on the stock exchanges, the Vedanta statement said.
“The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer is 1,25,47,16,610 Offer Shares, which is less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful in terms of Regulation 17(1)(a) of the Delisting Regulations.
Thus, the Delisting Offer is deemed to have failed in terms of Regulation 19(1) of the Delisting Regulations,” Vedanta said.
