Stocks

LIC to offer 24 cr shares at ₹320/per share for Vedanta delisting

PALAK SHAH Mumbai | Updated on October 09, 2020 Published on October 09, 2020

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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Published on October 09, 2020
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