Vedanta Ltd. said it had received the approval of shareholders and creditors for the proposed demerger of the company into five sector specific independent companies to harness full potential.
The company said in a filing with the exchanges that the proposal was approved by 99.99% shareholders, 99.59% secured creditors, and 99.95% of unsecured creditors.
As per the scheme, each shareholder will receive one additional share in each of the four new demerged entities once the process is complete.
The companies to be demerged will include Vedanta Aluminium Ltd., Vedanta Oil & Gas Ltd., Vedanta Power Ltd., Vedanta Iron & Steel Ltd. and Vedanta Ltd., which will house the Zinc business and will be the incubator for new business. The company on Thursday announced raising ₹2,600 crore via NCDs. Vedanta’s shares on Thursday gained 2.4% to ₹433.55 on the BSE.
Published – February 20, 2025 08:16 pm IST
