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Vedanta share gains 10% on plan to delist from BSE, NSE

Vedanta share price opened 10% higher at Rs 98.20 against previous close of Rs 89.30 on BSE. Vedanta share price has risen 17.07% in last three days

twitter-logoBusinessToday.In | May 19, 2020 | Updated 11:14 IST
Vedanta share gains 10% on plan to delist from BSE, NSE
Vedanta share price has risen 17.07% in last three days

Share price of Vedanta gained 10% today after Anil Agarwal  announced  plan to delist the Indian aluminium maker from BSE and NSE. Vedanta share price opened 10% higher at Rs 98.20 against previous close of Rs 89.30 on BSE. Vedanta share price has risen 17.07% in last three days.

The share stands higher than its 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. However, the stock closed 1.01% higher at  Rs 90.20 on BSE. Vedanta  share has lost 41.56% in one year and  40.89% since the beginning of this year.

On NSE, the stock hit its 52 week high of Rs 180 on June 27, 2019 and 52 week low of Rs 60.20 on March 20 , 2020. It hit 52 week high of Rs 179.95 on  June 27, 2019 and 52 week low of Rs 60.30 on March 20 on BSE.

Vedanta delisting proposal against minority shareholders' interest, say experts

However, in one month, the stock has gained 14.99%. Total 90.23 lakh shares of the firm changed hands amounting to turnover of Rs 83.47 crore. Meanwhile, BSE metal index  gained 2.54% or Rs 163.4 to 6,401. On Tuesday, the stock closed 12.19% higher at  Rs 89.30 on BSE.

On Nifty, Vedanta was the top gainer closing 12.44% higher at  Rs 89.50. Billionaire Anil Agarwal on Tuesday announced intention to take his Indian listed firm Vedanta Ltd private by buying out shares held by public. Agarwal-controlled Vedanta Resources will offer Rs 87.5 per share to nearly 49 per cent public shareholders of Vedanta Ltd.

This price is lower than Tuesday's closing price of Rs 89.30 on BSE.

In a regulatory filing, Vedanta Ltd said promoter group, Vedanta Resources has "expressed its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the Company that are held by the public shareholders of the Company".

Anil Agarwal announces plans to delist Vedanta from BSE, NSE

Vedanta Resources Ltd (VRL) along with the other members of the promoter group presently hold 51.06 per cent equity of the company. Public shareholders hold 169.10 crore or 48.94 per cent of shares.

Meanwhile, Sensex ended 637  points higher at 32,008 and Nifty ended  187 points higher to 9,383. Vedanta Limited is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products.

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