Vedanta Limited, a subsidiary of Vedanta Resources Limited, has said in a release that the bid to delist Vedanta Resources’ Indian subsidiary Vedanta Ltd has not been successful and that the company wishes to reiterate its “unflinching commitment to India, particularly in the natural resources sector”.
Launching the delisting bid to garner approximately INR 134 crore shares was indeed a mammoth task that saw enthusiastic participation by its shareholders “that took us within striking distance of our goal, short by only 7%” the company said.
The bid would have resulted in FDI inflow of over USD 3.15 billion dollars into the Indian economy and helped boost growth between 0.4% and 0.8% through the multiplier impact of such large infusion of funds.
Vedanta said it looks forward to unparalleled opportunities and growth in India. The company is committed to fulfilling the goal of Aatmanirbharta in the natural resources sector.
“We wish to express our sincere gratitude and thank the Securities and Exchange Board of India, BSE, Vedanta’s shareholders, financing banks and advisors to the delisting offer for their unstinted support during the entire exercise,” the company said.
Vedanta Limited, a subsidiary of Vedanta Resources Limited, has significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, aluminium and power sectors across India, South Africa, Namibia, and Australia. For two decades, Vedanta has been contributing to India’s growth story, currently contributing 1 percent of India’s GDP. The company is among the top private sector contributors to the exchequer with the contribution of INR 32,400 crore in FY 2020.