Vedanta gets nod to split into five separate entities
Vedanta's proposed demerger plan of the unified business into separately listed verticals has received approval from its equity shareholders, and secured and unsecured creditors, the company said Thursday.
This will allow the mining conglomerate to list its businesses — aluminum, oil & gas, power, steel — as separate units. At present, these businesses are subsumed within Vedanta, while Hindustan Zinc, which includes revenue streams from white metals zinc and silver, is listed separately. After the Merger, Vedanta will hold the Hindustan Zinc business.
«Vedanta Limited has received approval from its shareholders and creditors for its proposal to demerge the company into five independent, sector-specific companies,» said a stock exchange filing by the company.
The company said 99.99% of shareholders voted for the demerger scheme along with 99.59% of secured creditors and 99.95% of unsecured creditors voted in favor of the demerger.
According to the demerger scheme, every Vedanta shareholder will receive 1 additional share in each of the 4 newly demerged companies on the completion of the demerger process.
Stock Trading
Maximise Returns by Investing in the Right Companies
By — The Economic Times, Get Certified By India's Top Business News Brand
Stock Trading
Renko Chart Patterns Made Easy
By — Kaushik Akiwatkar, Derivative Trader and Investor
Stock Trading
Candlesticks Made Easy: Candlestick Pattern Course
By — elearnmarkets, Financial Education by StockEdge
Stock Trading
Dow Theory Made Easy
By — Vishal Mehta,
