The metals and mining giant has recently announced amendments to its earlier proposed split plan. It has decided to retain its base metals business within Vedanta.
Vedanta Ltd shares gained 2 per cent in Friday’s trade after the Anil Aggarwal-led company said in a stock exchange filing that a meeting of shareholders and creditors in relation to the split would be held on Tuesday, February 18.
The matter pertains to the merger of Vedanta Limited and Vedanta Aluminium Metal Limited and Talwandi Sabo Power Limited – Resulting Company 2; Malco Energy – Resulting Company 3; and Vedanta Base Metals (VBML) and Vedanta Iron & Steel – (Resulting Company 4; and their respective shareholders and creditors.
Vedanta said, “Meetings of equity shareholders, secured creditors and unsecured creditors of the company are scheduled to be held on Tuesday, February 18, 2025.”
Vedanta shares rose 1.85 percent to Rs 458.20.
The metals and mining giant has recently announced a modification to its earlier proposed demerger plan. It has decided to retain its base metals business within Vedanta. The Anil Aggarwal-led firm had earlier proposed to demerge Vedanta into six pure-play companies—Vedanta, Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas, Vedanta Base Metals and Vedanta Iron & Steel—to enhance value unlocking.
Following the NCLT order, the demerged company, The boards of directors of VBML and the resulting companies through their resolutions dated December 20, 2024 and December 23, 2025, have decided not to proceed with the implementation of Part V (Demerger and Vesting of Base Metals Undertaking) of the Scheme. Accordingly, the boards of the demerged company, VBML and the resulting companies have approved the updated scheme of arrangement between the demerged company and Resultant Company 1 and Resultant Company 2 and Resultant Company 3 and Resultant Company 4 and their respective shareholders and creditors,” Vedanta said.
