Vedanta Ltd has announced a proposal to delist from Indian stock exchanges BSE and NSE with promoter group Vedanta Resources making an offer to buy out the 48.94 per cent non-promoter shares.
The company led by billionaire l Agarwal has offered Rs 87.5 per share which represents a premium of 9.9 per cent over its May 11 closing market price.
The board of directors has been scheduled to meet on May 18 to consider the proposal for voluntary delisting of equity shares of the company.
Vedanta's 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 public shareholders," it said in regulatory filings at BSE Ltd and NSE of India.
"The group believes that delisting of Vedanta Ltd is the next logical step in this simplification process and will provide the group with enhanced operational and financial flexibility in a capital intensive business," it said.
"Vedanta Group maintains its strategic priority of attaining leadership in diversified natural resources, underpinned by growth while maintaining a flexible capital structure," the company said.
( With inputs from ANI )