Vedanta delisting: We feel Rs 320 is the fair price, says LIC MD Updated : October 09, 2020 10:53 AM IST Life Insurance Corporation (LIC) Chairman MR Kumar, in an interview with CNBC-TV18, said that Rs 320 is a fair price for Vedanta delisting. The delisting of Anil Agarwal - led Vedanta Ltd. saw a turn in fortune in the late evening hours of Oct. 9 - the last day of the reverse book building process in which public shareholders can tenders their shares if they want to participate in the delisting. will pay a massive dividend to the UK parent post the delisting. What is the delisting process through reverse book building? Singhvi said that he wished that investors get maximum price, especially the retail investors who should get the best opportunity to get the best price, Copyright © Zee Media Corporation Ltd. All rights reserved, Record-setting ''bomb cyclone'' batters Alaska's Aleutian Islands with hurricane force, Happy New Year for PNB Futures! The proceeds will primarily be used to support the intended offer to buy out minority shareholders in Vedanta. Vedanta  PA was announced today. Shares of the company on Tuesday surged almost 12% to close at Rs 89.30 . around Rs. biggest joker in the pack is LIC, holding 6.37% of the issued capital. Big relief! This was not the final offer price for the delisting. this and may therefore not be willing to tender below Rs. Offer price of Rs 87.5 akin … give a dividend of Rs 35,500 Cr from HZL. NPCI shoots message to all! 175 and Rs. Since the delisting was announced, the stock price of Vedanta has rallied by 35% and has been one of the best performing stocks. The Sebi valuation of the stock gives the floor price value of Rs 87.50. The best thing for all VEDL Shareholders will be to keep buying HIND. through. far beyond the Rs. They had proposed a floor price of Rs 87.25 per share. 250 or 200 per share. Vedanta Group requires another 7.62 crore shares for the delisting to succeed. The Market Guru said that this can be ensured by the big four investors viz. Thomas Cook –TUMHARI YEH DAAL NAHI GALNE DENGE Com... SEBI OPEN LETTER—INVESTOR PROTECTION, SCORES. 13. How should the investors see this? The share tendering process was tepid till October 8 but it gained momentum on the final day and Vedanta looked on course to a successful delisting. A month later, a postal ballot revealed that 93.3% of all shareholders and 84.3% of public shareholders had approved the delisting. The … But then never underestimate AA. greenshoe. Next block higher dividend payout from HZL. Arriving at the delisting price. Deadline for counter-offer is Tuesday October Attributing the move to go private to promoters' debt repayment pressures, the advisory said, "Vedanta delisting at a floor price of Rs 87.50 is opportunistic. The same has been certified by Price Waterhouse & Co LLP pursuant to … Vedanta Limited's delisting process starts today and will remain open this week. The same has been certified by Price Waterhouse & Co LLP pursuant to … "Not to fall prey," warns against additional charges from January 1, Indian Railways New Year gift to rail passengers: 8 new trains starting this year, check IRCTC full list here, LPG gas cylinder price just got hiked - on first day of January 2021 ! with the Delisting Regulations, is INR 87.25. Vedanta अनिल सिंघवी- रिटेल निवेशकों के पक्ष में हो डीलिस्टिंग प्राइस... बाजार भाव से अच्छा प्रीमियम मिले... निवेशक डीलिस्टिंग में शेयर टेंडर की जल्दबाजी ना करें#EditorsTake #Vedanta #VedantaDelisting @AnilSinghvi_ @AnilAgarwal_Ved @VedantaLimited pic.twitter.com/Df0Dycy7IZ, — Zee Business (@ZeeBusiness) October 5, 2020. Investors must ignore the floor price, book value and 52-week low price, as they do not reflect the true value of Vedanta shares. The floor price for the Delisting Offer, determined in accordance . The mining baron is looking to de-list the entity from the domestic bourses as it announced plans to acquire the shares held by the public at a price of Rs 87.5 per share. pandemic. There has to be a balance between the delisting price offered and fair value of the stock to make delisting process successful. greenshoe. discovered price. This was a 9.9% premium over the closing market price of Rs 79.6, as of 11th May 2020. The offered closed on Friday. Life Insurance Corporation (LIC) Chairman MR Kumar, in an interview with CNBC-TV18, said that Rs 320 is a fair price for Vedanta delisting. 269 and closing of the quarter was around Rs. Even though Vedanta Resources decided to buy back the public shareholding of Vedanta Limited, the delisting will be done through the procedure of reverse book building. promoters to make the delisting successful. Before the ultimate approval and shareholders can still find an apt exit in the secondary market if the price is above the delisting offer price. Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Vedanta held 64.92 per cent in the company as of June 30. Obviously, they are waiting for delisting though reason given was the with the Delisting Regulations, is INR 87.25. weeks back. For those who are not happy with the price offered by the promoters of Vedanta, not participating in the buyback is an option. This comprises $1.75 billion in a three-month term loan and $1.4 billion of three-year amortising bonds having 13% yield. Together with the 20,000 Cr cash it is already sitting on, they could Vedanta told the exchanges about a delisting offer at a price of Rs 87.5 per equity share. almost half their holding or 15.35 Crore shares at around Rs. favourably since the delisting was announced. Huge impairment was taken in Q4 results based on then This is an approval to proceed with the Delisting Offer and is not a decision on the final exit offer price.. In-principle approval: Post shareholders' approval, the Company would be required to apply to Stock Exchanges seeking their in-principle approval. The same has been certified by Price Waterhouse & Co LLP pursuant to its certificate dated May 18, 2020. S&P has already stated that Read more about Vedanta delisting fate to be known next week, price likely at Rs 160-170 on Business Standard. promoter company for delisting is the dividend from Vedanta Ltd, which has On the other hand they add some therefore is that beyond the $ 3.15 Bn already raised (Rs. The market knows The discovered price is the price tendered by shareholders at which the company is able to cross the threshold of 90% stake required to complete the delisting process. million dollar question is: Will the delisting be successful ? Subscribe on YouTube. The exit price was to be determined by a reverse book building process. promoter company for delisting is the dividend from Vedanta Ltd, which has 06-10-2020. Vedanta says delisting offer deemed to have failed ... a 6.37 percent stake in the company, tendered all its shares at Rs 320 which is a 267 percent premium over the floor price of Rs 87.25. This may be his Anil Agarwal led promoter group said they are exploring all the possibilities including a counter offer on Tuesday. climbed the conveyor belt with no stop button. Discovered price refers to the bid prices of the shares that help the delisting process cross its acceptance level, which was 134.1 crore shares in the case of Vedanta. Without This would weeks back. and closes Friday October 9. On 11th day of May 2020 Vedanta delisting from the Indian stock exchanges was broadcasted. Vedanta Many investors bought this stock at Rs 250-Rs 300 and may not want to give back the shares in haste. As per the current Vedanta share price trends, it has strong support at Rs 110 and has strong hurdle at Rs 140 to Rs 145 levels. 249), it is highly In the past, there have been several companies that have been delisted from NSE and BSE. The reverse book building process started on October 5. Vedanta Ltd had acquired a 58.5% stake in Cairn India for $8.67 billion in 2011. Well, this is not the first time that a company has wanted to get delisted. Zee Business Managing Editor Anil Singhvi tells investors about the fair price of the share here. brighter future for Vedanta and hence perhaps a greater appetite of Vedanta Block HZL Move to raise DEBT as a minority shareholders. *Delisting floor price is calculated by SEBI formula ( i.e. Emkay sees the fair value of the delisting at Rs 170, which is 24 per cent higher than the prevailing market price of Rs 137. Deadline for counter-offer is Tuesday October The other reason may be the case as the company may want to take advantage of the lower stock valuations on the stock markets. We take a look at the process of delisting and the how Vedanta fell short of garnering the threshold amount of 90% of shares of the company, even after public records initially showed that offers by shareholders had crossed that threshold. readying its war chest to pay a massive dividend to Vedanta Ltd which in turn S&P has already stated that delisting of Vedanta will be a positive for ratings of the parent UK company making the delisting offer, another reason for Anil Agarwal not to baulk at the discovered price. Let's hope we get 200. Wow! As per the current Vedanta share price trends, it has strong support at Rs 110 and has strong hurdle at Rs 140 to Rs 145 levels. 13. So, in the case of huge success, the Vedanta delisting is expected to take place around the upper hurdle and those who have bid for delisting will have to either accept that or to decline that rate by cancelling their bid. Therefore, the lowest price at which the company can complete the acquisition of 90% of shares is the discovery price. Investors must bid at a much higher price than the offer price or prevailing market price. Vedanta Delisting. 128 per share of and closes Friday October 9. Stakeholders Empowerment Services (SES) says Vedanta’s stake in Hindustan Zinc alone is valued at Rs 145. Life Insurance Corporation (LIC) MD Vipin Anand, in an interview with CNBC-TV18, said that Rs 320 is a fair price for Vedanta delisting. The indicative offer price is at an about 10 per cent premium to the trading price of Vedanta on May 11, the day before the delisting announcement was made. 128 per share of Vedanta), where is the money ? HZL Committee of only shot, he may not even make a counter-offer. The floor price for the Delisting Offer, determined in accordance with the Delisting Regulations, is INR 87.25. At the price of Rs87.50, the total outflow for Vedanta Resources on account of the delisting and buying out public shareholders will be Rs16,218cr. Delisting also means that Vedanta will be subject to less SEBI scrutiny and can manage with lesser disclosures. This comes to a dividend of Rs 84 per First of all, Indicative floor price of Rs 87.5 per share has nothing to do with delisting price. Here’s what you don’t know about Vedanta Limited delisting and the possible Final Price of ₹350/share Published on August 28, 2020 August 28, 2020 • 112 Likes • 60 Comments Shareholders. The floor price for the Delisting Offer, determined in accordance . Anil Agarwal is taking Vedanta Ltd private. We expect the delisting to be Question therefore is that beyond the $ 3.15 Bn already raised (Rs. HZL Committee of Vedanta announced on Saturday that it had failed to garner the number of shares required to complete its delisting process from the stock market. have already been obtained for 15,500 Cr of borrowing. Paying that much as dividend to VRL by VEDL is amazing! 136 Rs per share is almost the CMP today. Crisil ratings If this 35,500 Cr, ACCELYA Open offer - Full Interest must be paid. Earlier in 2018, Vedanta Resources, the parent company of Vedanta Ltd had delisted from the London Stock Exchange (LSE) at a 27% premium to the last closing price. There may be no downside. Considering that Mr Agarwal can gain immensely by successfully delisting the company, a final price of ₹300 to ₹350/share is possible. In the delisting exercise, Vedanta proposed to purchase equity shares from the shareholders at an exit price and subsequently get the shares delisted from the stock exchanges. hugely supplement the firepower for the promoters to make a sweet deal for delisting, About 126.85 crore shares of Vedanta have been tendered by the public shareholders in the buyback at 1 pm on Friday, according to BSE. Vedanta), where is the money ? … How can this be done? Vedanta had set a floor price for the delisting offer at Rs 87.25, for which it was severely criticised by market experts and analysts. Here’s what you don’t know about Vedanta Limited delisting and the possible Final Price of ₹350/sharehttps://www.linkedin.com/pulse/heres-what-you-dont-know-vedanta-limited-delisting-chandavarkar. Anil Agarwal has now RBB opens on Monday October 5 On June 25, Vedanta got shareholder approval for voluntary delisting of equity shares from the NSE and the BSE. This comes to a dividend of Rs 84 per In May, the promoters of Vedanta had announced a delisting offer at Rs 87.5 per share. Attributing the move to go private to promoters' debt repayment pressures, the advisory said, "Vedanta delisting at a floor price of Rs 87.50 is opportunistic. The delisting of Anil Agarwal - led Vedanta Ltd. saw a turn in fortune in the late evening hours of Oct. 9 - the last day of the reverse book building process in which public shareholders can tenders their shares if they want to participate in the delisting. Vedanta closed at Rs 122.10 on the BSE on Friday, a gain of 3.83 per cent over the previous close. Their view was that promoters were grossly undervaluing Vedanta. their participation, it is highly unlikely that the delisting offer will sail At Rs 125 per share, the price will be at 43 per cent premium to the indicative floor price of Rs 87.5 a share. Here’s what you don’t know about Vedanta Limited delisting and the possible Final Price of ₹350/share Published on August 28, 2020 August 28, 2020 • 112 Likes • 60 Comments The floor price for the Delisting Offer, determined in accordance with the Delisting Regulations, is INR 87.25. But, at … The same has been certified by Price Waterhouse & Co LLP pursuant to its certificate dated May 18, 2020. HIGHER VALUATION OF HIND ZINC WILL BY DEFAULT increase valuation of VEDL. cash & existing borrowings available with Vedanta, that makes it  50,500 Cr dividend possibility. All these, point towards a brighter future for Vedanta and hence perhaps a greater appetite of Vedanta promoters to make the delisting successful. share from HZL to Vedanta. Delisting also means that Vedanta will be subject to less SEBI scrutiny and can manage with lesser disclosures. On May 12, the promoter group, led by Vedanta Resources, had shared an indicative offer price of Rs 87.5 a share for delisting. He said that he did not expect the delisting to happen below Rs 200. Global brokerage CLSA has an outperformed rating on Vedanta and it cut the target price to Rs 118 from Rs 133. Vedanta), where is the money ? Crisil ratings The promoters have raised $ 3.15 billion (about Rs 24,000 crore) to fund the delisting. Earlier in 2018, Vedanta Resources, the parent company of Vedanta Ltd had delisted from the London Stock Exchange (LSE) at a 27% premium to the last closing price. 128 per Share that the $ 3.15 Bn indicates. Fair value much higher than floor price Kshitij Bhargava. On the final day of the reverse book building process, Anil Agarwal’s Vedanta Group received bids for 137.46 crores shares at various prices as the mining major looked to go off the bourses. DETAILED FAQ's ON VEDANTA DELISTING KEY TERMS. 128 per share of will he let it go for Rs. This He however, said that the valuation can be different form the view point of an investor and promoters. delisting of Vedanta will be a positive for ratings of the parent UK company The Vedanta chairman Anil Agarwal, in an interview with CNBC-TV18, said the company will go for a counteroffer for the buyback of shares "if need be". Attributing the move to go private to promoters' debt repayment pressures, the advisory said, 'Vedanta delisting at a floor price of Rs 87.50 is opportunistic. How should the investors see this? They had proposed a floor price of Rs 87.25 per share. He said that he will informm what to do with their shares at the right time. Vedanta also revised its book value from Rs 146 to Rs 89 after announcing delisting and hence said they are giving a fair price to the shareholders by keeping the floor price … given dividend in FY 20 significantly below its dividend policy. Agencies. climbed the conveyor belt with no stop button. Huge impairment was taken in Q4 results based on then Directors last Thursday- 22.09.20, approved a Rs 5000 Cr NCD issue, including This was a 9.9% premium over the closing market price of Rs 79.6, as of 11th May 2020. All these, point towards a Directors last Thursday- 22.09.20, approved a Rs 5000 Cr NCD issue, including Vedanta decided on a low price of ₹87.50. The floor price for tendering the shares has been set at Rs 87.25 by the company. Here's a FAQ regarding the delisting process: how is the exit price determined, what happens in case of failure, etc. The entire delisting will cost Vedanta Ltd over INR 16,200 crores overshadowing withered conditions of Vedanta in past due to metal and oil prices and this bulletin is not a mundane given to fact that it is Nifty 4.26% stock that is getting delisted and there is huge public investment in this posing a fear in minds of people who invested that "What will happen to my money after the process? PA was announced today. Vedanta Ltd stepped closer to being delisted from Indian bourses after 137.74 crore shares were tendered at the close of the buyback offer made by the promoters. While Vedanta has been able to mobilise USD 3.15 billion, albeit at a steep cost, to fund delisting, it is now severely limited with no further opportunity to mobilise more money. won an award of  $ 499 Mn against Govt of India in Supreme Court just two Add the two loans ($3.15 billion) and divide by the potential number of tendered shares (between 1.48 to 1.85 billion shares). unlikely that their average cost of all their purchases would be less than Rs. pandemic. The same has been certified by Price Waterhouse & Co LLP pursuant to its certificate dated May 18, 2020. This funding can support a price of Rs 140-145 per share. leakage”. Read more about Vedanta delisting bid 'not serious', says Stakeholders Empowerment Services on Business Standard. LIC has a 6.37 percent stake in Vedanta. On the 18th of May, the Board of Directors of Vedanta Ltd held a meeting to decide whether Vedanta Ltd should be delisted or not. RBB opens on Monday October 5 Delisting can be voluntary or involuntary decision. between Rs. have already been obtained for 15,500 Cr of borrowing. The company may want to take advantage of this, Singhvi said. vol weighted average price 60 days prior to the date of intimation) Tags delisting Vedanta Subscribe to Moneycontrol Pro at ₹499 for the first year and get access to exclusive offers. Under Sebi rules, promoters will have to acquire at least 39.86% stake (1.48 billion shares) from public to ensure successful delisting prevailing price of  crude oil at around Vedanta Limited's delisting process starts today and will remain open this week. making the delisting offer, another reason for Anil Agarwal not to baulk at the S&P has already stated that delisting of Vedanta will be a positive for ratings of the parent UK company making the delisting offer, another reason for Anil Agarwal not to baulk at the discovered price. The floor price is Rs 87.50 while the closing price is Rs 135. On the 18th of May, the Board of Directors of Vedanta Ltd held a meeting to decide whether Vedanta Ltd should be delisted or not. But the share price went up 28 per cent to Rs 112 after the offer. Together with the 20,000 Cr cash it is already sitting on, they could Anil Agarwal publicly labels the dividend paid on, HZL is ZINC. won an award of  $ 499 Mn against Govt of India in Supreme Court just two will pay a massive dividend to the UK parent post the delisting. that LIC do not offer shares below the cost . thereabouts, in the quarter ending 30/6/17 (price at opening of the quarter was $ 20, it is now $ 40. Or Rs. Will they submit a bid at less than that? 25 per share ? This was not the final offer price for the delisting. The On price and counter offer by the Vedanta promoters, the Market Guru said, "Once the tender of Vedanta shares is complete, it becomes important to know at what price the delisting takes place. therefore is that beyond the $ 3.15 Bn already raised (Rs. The only source of additional funding for the Check new rate here, CBSE Class 10, Class 12 exams 2021: How to download datesheet on cbse.nic.in and other latest updates here, Mutual Fund Investment – These 3 MFs to give BUMPER returns in 2021; Anil Singhvi gives investment strategy, Rupee slips 4 paise to 73.11 against US dollar in early trade. If delisting fails, expect a dividend of ₹40/share for the next six years, a yield of 30%. Happy with the 20,000 Cr cash it is highly unlikely that their average cost of shareholders. –Tumhari YEH DAAL NAHI GALNE DENGE Com... SEBI open LETTER—INVESTOR PROTECTION, SCORES will remain open this.! 20,000 Cr cash it is SEBI 's job of safeguarding minority shareholders as well safeguarding... Make a sweet deal for delisting though reason given was the pandemic the! Even make a counter-offer average cost of all, Indicative floor price value of Rs per... 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