SME Times News Bureau | 29 Jun, 2020
Vedanta Resources Ltd has said that it is in the process of arranging of
financing for delisting of Vedanta Ltd and that the delisting is
expected to be completed in coming weeks.
In a statement, Vedanta
Resources said that its board noted the approval by the shareholders of
Vedanta Ltd of its delisting proposal. Vedanta Ltd is a subsidiary of
the diversified natural resource company Vedanta Resources Ltd.
"VRL
is in the process of arranging the financing for the delisting. We
expect this to be concluded in the coming weeks, at which stage the
Company will apply to the stock exchanges for approval to proceed with
the delisting process," it said.
Last month Vedanta Ltd had
initiated the process for seeking shareholders' approval for delisting
and on Thursday it received shareholders' approval for delisting the
company.
Vedanta Resources, which owns 50.1 per cent of Vedanta
Ltd, offered to acquire all of the balance 49.9 per cent shareholding
held by the public and delist the company.
