Vedanta secures BSE and NSE clearances for demerger

02 Aug 2024 CW Team

Mining conglomerate Vedanta Ltd announced that it has secured clearances from the BSE and NSE for its proposed demerger. This development is significant as it facilitates Vedanta's plan to divide into six independent listed companies, including oil and gas and aluminum sectors. "BSE and NSE, via their letters dated July 31, 2024, and July 30, 2024, respectively, have conveyed that they have 'no objections/no adverse observations' on the proposed scheme," Vedanta stated in a regulatory filing. The company plans to file an application with the National Company Law Tribunal (NCLT) soon. "The scheme remains subject to receipt of other applicable statutory and regulatory approvals, including from the NCLT and the respective shareholders and creditors, under applicable laws," the filing added. Vedanta Ltd disclosed that it had received approvals from the majority of its creditors for the proposed demerger, marking a crucial step towards its plan to split into six independent listed companies. The company reported that it had secured the consent of 75% of its secured creditors for obtaining clearances from stock exchanges and subsequently filing its demerger scheme with the NCLT. The demerger will create separate entities for Vedanta's aluminum, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and newly incubated businesses will remain under Vedanta Ltd. "Vedanta's demerger will create sector-focused entities, aligned with India's global leadership goals in critical minerals, energy security, as well as renewables and technology sectors," the company stated. The demerger aims to simplify the corporate structure by creating independent businesses, offering global investors direct investment opportunities in pure-play companies linked to India's impressive growth. The company's existing businesses will be structured into six independent companies post-demerger: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. Anil Agarwal-led Vedanta Ltd reported a 27.2% decline in consolidated net profit to Rs 13.69 billion for the March quarter due to a one-time impairment of the Tuticorin asset. The company had posted a consolidated net profit of Rs 18.81 billion in the year-ago period. The consolidated income for the January-March period dropped to Rs 360.93 billion, compared to Rs 386.35 billion in the previous year. As of March 31, 2024, Vedanta's gross debt stood at Rs 717.59 billion. (Source:ET)

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Mining conglomerate Vedanta Ltd announced that it has secured clearances from the BSE and NSE for its proposed demerger. This development is significant as it facilitates Vedanta's plan to divide into six independent listed companies, including oil and gas and aluminum sectors. BSE and NSE, via their letters dated July 31, 2024, and July 30, 2024, respectively, have conveyed that they have 'no objections/no adverse observations' on the proposed scheme, Vedanta stated in a regulatory filing. The company plans to file an application with the National Company Law Tribunal (NCLT) soon. The scheme remains subject to receipt of other applicable statutory and regulatory approvals, including from the NCLT and the respective shareholders and creditors, under applicable laws, the filing added. Vedanta Ltd disclosed that it had received approvals from the majority of its creditors for the proposed demerger, marking a crucial step towards its plan to split into six independent listed companies. The company reported that it had secured the consent of 75% of its secured creditors for obtaining clearances from stock exchanges and subsequently filing its demerger scheme with the NCLT. The demerger will create separate entities for Vedanta's aluminum, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and newly incubated businesses will remain under Vedanta Ltd. Vedanta's demerger will create sector-focused entities, aligned with India's global leadership goals in critical minerals, energy security, as well as renewables and technology sectors, the company stated. The demerger aims to simplify the corporate structure by creating independent businesses, offering global investors direct investment opportunities in pure-play companies linked to India's impressive growth. The company's existing businesses will be structured into six independent companies post-demerger: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. Anil Agarwal-led Vedanta Ltd reported a 27.2% decline in consolidated net profit to Rs 13.69 billion for the March quarter due to a one-time impairment of the Tuticorin asset. The company had posted a consolidated net profit of Rs 18.81 billion in the year-ago period. The consolidated income for the January-March period dropped to Rs 360.93 billion, compared to Rs 386.35 billion in the previous year. As of March 31, 2024, Vedanta's gross debt stood at Rs 717.59 billion. (Source:ET)

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