Vedanta Delisting Explained

Bidding Period

The bidding period (open for 5 (five) Working Days) shall commence on October 5, 2020 and would remain open until October 9, 2020 during which the Public Shareholders may tender their bids.

Determination of the final Exit Price

The final exit offer price will be determined as the price at which Equity Shares accepted through eligible bids, that takes the shareholding of the Acquirers(along with the persons acting in concert) to at least 90% of the paid-up equity share capital of the Company held by Public Shareholders.

Payment of Consideration

If the Delisting Offer through the reverse book building process is successful, the Acquirers will be required to pay the consideration to Public Shareholders, whose shares have been validly accepted in the Delisting Offer within 10 Working Days of the closure of the bidding period.

Right of remaining Public Shareholders

The remaining Public Shareholders may tender their Equity Shares to the Acquirers up to a period of one year from the date of delisting and, in such case, the Acquirers will accept the Equity Shares at the final exit offer price.

When would you receive money for tendering Shares?

Upon the success of the Delisting Offer, all the Public Shareholders whose bids have been accepted and Equity Shares are verified to be genuine shall be paid the final exit price within 10 Working Days from the closure of the bidding period.

What will happen if the Delisting Offer fails?

The Acquirers are not bound to accept the Equity Shares at the Discovered Price. If the Discovered Price is not acceptable to the Acquirers, they may either reject the offer or make a counter offer to the Public Shareholders in accordance with the Delisting Regulations.

In case of failure of the Delisting Offer, the Equity Shares tendered by the Public Shareholders during the reverse book building process shall be returned or released to them, within 10 (ten) Working Days from the end of the bidding period.

Is it mandatorily too participate in the Delisting Offer? What will happen if the Delisting Offer is successful and you have not participated? It is not mandatory to participate in the Delisting Offer?

If a Public Shareholder has not tendered its Equity Shares or its Equity Shares have not been accepted because the price quoted by the Public Shareholder was higher than the Exit Price (“Residual Public Shareholders”), it may tender its Equity Shares to the Acquirers, at the Exit Price, up to a period of minimum one year from the date of delisting of the Equity Shares from the Stock Exchanges (“Exit Window”). A separate offer letter in this regard will be sent to these Residual Public Shareholders explaining the procedure for tendering their Offer Shares. Such Residual Public Shareholders may tender their Offer Shares by submitting the required documents to the Registrar to the Offer during the Exit Window.

What happens if your bid price is higher than the final Exit Offer Price?

In cases where the bids have not been accepted, the Equity Shares tendered by the Public Shareholders during the reverse book building process shall be returned or released to them within 10 Working Days from the closure of the bidding period.