Vedanta clarifies on reports of merger with India unit
1 min read 03 Feb 2022, 10:03 AM ISTVedanta said that the media reports are speculative & misleading to investors as no such proposal is under consideration
PremiumMetals and mining company Vedanta Limited on Thursday issued a statement in which it denied media reports of combining Vedanta Resources with self. The company said that such reports are speculative & misleading to investors as no such proposal is under consideration.
"With regards to recent media reports on having preliminary discussions with prospective advisors about the idea of combining Vedanta Resources Limited with Vedanta Limited, Vedanta Limited would like to strongly deny these reports as speculative and misleading to the investors. No such proposal is under consideration, and we categorically deny any such rumours," the company clarified in an exchange filing today.
The clarification comes after a report by Bloomberg stated that Indian billionaire Anil Agarwal is considering a potential merger of his commodity empire’s indebted holding company with cash-rich listed unit Vedanta Ltd. Deliberations are still at an early stage, and there’s no certainty Agarwal will decide to pursue a transaction, the report added.
Shares of Vedanta were trading 0.2% higher at ₹344 apiece on the BSE in Thursday's early session.
In December, Vedanta said it intends to unlock value with options including separately listing its aluminum, iron and steel and oil and gas businesses. The board has formed a panel to evaluate the plan. A PTI report had suggested that that the company will outline details by March-end.
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