Latest News | Vedanta Shares Climb Nearly 3 Pc; Mkt Valuation Jumps Rs 3,969 Cr

New Delhi, Feb 20 (PTI) Shares of Vedanta Ltd on Thursday climbed nearly 3 per cent after the firm said its shareholders and lenders approved splitting the metals-to-oil conglomerate into five independent, sector-focused entities.

The stock advanced 2.40 per cent to settle at Rs 433.55 on the BSE. Intra-day, it rallied 2.85 per cent to Rs 435.50.

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At the NSE, it climbed 2.79 per cent to Rs 435.35.

The company's market valuation jumped Rs 3,969.04 crore to Rs 1,69,534.87 crore.

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In volume terms, 1.80 lakh shares of the firm were traded at the BSE and 102.18 lakh shares on NSE.

In a stock exchange filing, Vedanta said 99.99 per cent of shareholders who voted for the demerger scheme, supported the move.

Parallelly, 99.59 per cent of the secured creditors, and 99.95 per cent of unsecured creditors of Vedanta Ltd voted in favour of the demerger.

Mining tycoon Anil Agarwal launched the plan to overhaul the business in 2023 after failing to take Vedanta private in 2020.

The five entities being created from the split would include Vedanta Ltd, which would house the company's base metals.

According to Vedanta's 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.

The other companies that will be created out of the demerger are Vedanta Aluminium, one of the world's largest producers of aluminium; Vedanta Oil & Gas, India's largest private-sector crude oil producer; Vedanta Power, one of India's largest generators of power; Vedanta Iron and Steel - a company with a highly scalable ferrous portfolio; and Vedanta Limited – which will include the world's second largest integrated zinc producer and third largest silver producer – in Hindustan Zinc.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)