Life Insurance Corporation (LIC) is likely to seek ₹320 per share from Vedanta promoters in the delisting issue of the company, sources told Business Line . Data from stock exchange website showed that around 40 crore shares were being offered at ₹320 and there were only 2 orders offering such huge number of shares. The confirmed quantity was around 4 crore shares and cumulative confirmed quantity stood at around 40 crore shares.
LIC holds about 24 crore shares in the company and is its largest non-promoter shareholder.
Vedanta’s UK-based promoters have made an open offer to delist the company shares from the BSE and the NSE. A total of 134 crore shares or 86 per cent of 169.73 crore shares held by public shareholders need to be tendered for the delisting to succeed. Vedanta has set ₹87.25. Market analysts suggested that LIC’s average buying price for Vedanta Ltd is ₹225 per share or more. Today, is the last day of bidding. Vedanta share price was trading at ₹116 at 10.55 am.
Proxy advisory firm SES has recommended to shareholders that they bid for Vedanta shares in the range of ₹236-320.
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