ZeeBiz hits bulls eye on Vedanta delisting; Anil Singhvi first to tell viewers move likely to fail
Mining Company Vedanta Limited had informed the exchanges about its failure in getting the company delisted. The UK promoters of the company failed to get the required number of shares to delist the company
Mining Company Vedanta Limited had informed the exchanges about its failure in getting the company delisted. The UK promoters of the company failed to get the required number of shares to delist the company.
Zee Business Managing Editor Anil Singhvi had earlier indicated to the channel viewers about the likelihood of the failure of the delisting process. He had also suggested that the delisting offer would fail only on the issue of pricing of the shares.
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While the floor price was kept at Rs 87.50 and the closing price at Rs 135 by the company management, India’s largest state insurer, Life Insurance Corporation of India quoted a delisting price of Rs 320 per share.
While this move surprised many in the market, the retail investors were happy at this price.
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The bid price offered by LIC indicated that LIC was not too keen on this exercise to be successful.
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