A meeting of the Board of Directors of Vedanta Limited (‘Company’) is scheduled to be held on May 18, 2020 to consider the proposal for voluntary delisting of the equity shares of the Company.
The Company has received a letter dated May 12, 2020 from one of the members of the promoter and promoter group of the Company (“Promoter Group”) namely, Vedanta Resources Ltd. (“VRL”). In the letter, VRL has expressed 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 of the Company (as defined under the Delisting Regulations, to be referred to as “Public Shareholders”) and consequently voluntarily delist the Equity Shares from BSE Limited and National Stock Exchange of India Limited, the recognized stock exchanges where the Equity Shares are presently listed (“Stock Exchanges”), in accordance with the Delisting Regulations (“Delisting Proposal”) and if such delisting is successful, then to also delist the Company’s America Depositary Shares from the New York Stock Exchange (“NYSE”) and deregister the Company from the Securities and Exchange Commission (“SEC”), subject to the requirements of the NYSE and the SEC.
VRL along with the other members of the Promoter Group presently hold 1,76,43,26,080 Equity Shares aggregating to 51.06% of the paid-up equity share capital of the Company, excluding American Depository Shares (“ADS”) issued by the Company. As on date, the Public Shareholders hold 169,10,90,351 Equity Shares aggregating to 48.94% of the paid-up equity share capital of the Company, excluding ADS issued by the Company. This includes Equity Shares held by the Employee Trust.
