Vedanta Delisting With Anil Singhvi: Market Guru says LIC holds key as 60 cr shares still required to cross 90 pct hurdle

Vedanta Delisting With Anil Singhvi: The total number of shares tendered for delisting has touched 74 crore and to cross the first hurdle of meeting the delisting eligibility the company still requires 60 crore shares by 3:30 PM today. Zee Business Managing Editor Anil Singhvi said that Vedanta might manage to meet the eligibility criteria of 90 per cent tenders if the LIC, which holds near 20 crore shares of the company tenders its shares in the Vedanta delisting. However, the Market Guru maintained that delisting is good for investors, promoters and the fund houses who have given debt to the company.

Speaking on the LIC holding key in Vedanta shares delisting, Anil Singhvi said, "LIC has 20 crore shares and I believe that it will participate in the bidding for Vedanta shares delisting. Today, price is not important and hence, institutions having shares of Vedanta will definitely participate in the bidding process. So, Vedanta might manage to meet the eligibility criteria of meeting 90 per cent tenders by 3:30 PM today."

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The Market Guru also said that Vedanta share price has corrected to the tune of Rs 30 in the last two trade sessions and touched around Rs 110 to 120 range, which is obvious as majority of the bid for Vedanta share delisting has come in the range of Rs 135 to Rs 160. So, counter offer is for sure to come from the promoters' side on Tuesday when the Vedanta delisting will take place.

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वेदांता डीलिस्टिंग ऑफर का आज आखिरी दिन...

अब तक करीब 74 करोड़ शेयर हुए टेंडर

अनिल सिंघवी- वेदांता को अब 60 करोड़ शेयरों की जरूरत...डीलिस्टिंग ऑफर का सफल होना निवेशकों और कंपनी दोनों के लिए अच्छा.. LIC तय करेगी आगे की चाल#Vedanta #Delisting @AnilSinghvi_ @VedantaLimited pic.twitter.com/eeiZp2twcG

— Zee Business (@ZeeBusiness) October 9, 2020

What should be the ideal strategy to maximise one's gain from this delisting Singhvi said, "Once the delisting takes place, if someone is not interested in tendering Vedanta shares at that rate, then that bid will have to be cancelled, even though it is much above the delisting price. Non cancellation of the bid would mean acceptance of the delisting price and the shares will automatically get liquidated in one's Demat Account. So, one must cancel the bid and wait for the counter offer from the promoters."