For successful delisting of the shares, 134.12 crore shares needed to have been validly tendered for the promoter shareholding to cross the 90 per cent shareholding.
On Saturday, Vedanta announced that its delisting offer had failed due to the requisite number of shares not being offered by shareholders. (Photo: IANS)
The bid to delist minerals major Vedanta Ltd, which failed last week, would have brought in foreign direct investment (FDI) of $3.15 billion into the Indian economy, the company said on Tuesday.
While issuing a release on Tuesday, the company expressed gratitude towards the capital market regulator SEBI, BSE, its shareholders, the banks and advisors and exuded confidence that the company would grow as a listed company on the Indian exchanges.
“Launching the delisting bid to garner approx. 134 crore shares were indeed a ‘mammoth’ task. We saw enthusiastic participation by our shareholders that took us within striking distance of our goal, short by only 7 per cent,” it said.
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“The bid would have resulted in FDI inflow of over 3.15 billion dollars into the Indian economy and helped boost growth between 0.4 per cent and 0.8 per cent through the multiplier impact of such large infusion of funds,” said the statement.
On Saturday, Vedanta announced 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. It 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 per cent shareholding.
Vedanta shares were trading at Rs 99.40,up by Rs 2.45 or 2.53 per cent at the time of reporting on the BSE.
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