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Vedanta share price falls over 3% on nod to de-listing proposal

Vedanta share price closed 2.70% lower at Rs 89.95 against previous close of Rs 92.45 on BSE

twitter-logoBusinessToday.In | May 19, 2020 | Updated 16:34 IST
Vedanta share price falls over 3% on nod to de-listing proposal

Share price of Vedanta closed over 2% lower today after company's board granted approval to the de-listing proposal from BSE and NSE.  The stock has lost 3.01% in the last 2 days. The stock touched an intraday low of Rs 89.55, down 3.14%.

The large cap stock stands higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

Vedanta share price closed 2.70% lower at Rs 89.95 against previous close of Rs 92.45 on BSE.

Vedanta  share has lost 44.06% in one year and  41.02% since the beginning of this year.

On NSE, the stock ended 2.65% lower at Rs 90.05. The stock hit 52 week high of Rs 179.95 on  June 27, 2019 and 52 week low of Rs 60.30 on March 30, 2020 on BSE. However, in one month, the stock has gained 7%.

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Total 15.33 lakh shares of the firm changed hands amounting to turnover of Rs 13.99 crore. The company board, in its meeting held on May 18, granted approval to the de-listing proposal, after having discussed and considered various factors, as per the company's BSE filing.

The 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, it added.

Billionaire Anil Agarwal on May 12 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 was lower than closing price of Rs 89.30 on May 12.

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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".

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.

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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