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Agarwal-controlled Vedanta Resources Will Offer Rs 87.5 Per Share To Nearly 49% public Sha

Agarwal-controlled Vedanta Resources will offer Rs 87.5 per share to nearly 49% public shareholders of Vedanta Ltd, the company had said. VRL along with the ot

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Vedanta shares fell on Tuesday underperforming benchmark indices as its board on Monday approved the proposed de-listing of shares from the National Stock Exchange and BSE. As of 13:05 pm, shares of Vedanta Ltd traded 1.45% lower at Rs 91.05 apiece as compared to Monday's closing price of Rs 92.50. The stock made an intraday low of Rs 90.70 on Tuesday.

"The meeting of the board of directors of the company (board) was held today (Monday)...de-listing proposal was considered... Approval was granted to the de-listing proposal, after having discussed and considered various factors," Vedanta Ltd said in a filing to the BSE.

The company will now seek shareholders' approval to de-list its shares from the bourses. "Approval was granted to the company to seek shareholders' approval for the aforesaid de-listing proposal by way of special resolution through postal ballot and e-voting, and in this regard, the draft of the postal ballot notice and the explanatory statement thereto were also approved," the filing said.

Last week, Agarwal announced the intention to take his Indian listed firm Vedanta Ltd private by buying out shares held by public.

"The company had received a letter...from Vedanta Resources Ltd (VRL), a member of the promoter and promoter group of the company, expressing its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the company (equity shares) that are held by the public shareholders...and consequently, voluntarily de-list the equity shares from the recognised stock exchanges where they are listed, namely BSE Ltd and National Stock Exchange of India Ltd," the filing said.

Agarwal-controlled Vedanta Resources will offer Rs 87.5 per share to nearly 49% public shareholders of Vedanta Ltd, the company had said.

VRL along with the other members of the promoter group currently hold 51.06% equity of the company. Public shareholders hold 169.10 crore or 48.94% of shares.

Agarwal-controlled Vedanta Resources will offer Rs 87.5 per share to nearly 49% public shareholders of Vedanta Ltd, the company had said.

VRL along with the other members of the promoter group currently hold 51.06% equity of the company. Public shareholders hold 169.10 crore or 48.94% of shares.

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