HDFC Life Insurance Company Ltd will replace Vedanta Ltd in the Nifty 50 index starting 31 July. Consequently, Vedanta will be also removed from various indices due to its proposed voluntary delisting.
“The Index Maintenance Sub-Committee (IMSC) has decided to replace Vedanta Ltd from various indices on account of proposed voluntary delisting. The changes shall become effective from July 31, 2020 (close of July 30, 2020)," NSE said in a statement.
Vedanta Ltd has received shareholders' approval for delisting the company. Public shareholders of Anil Agarwal-controlled Vedanta Ltd have approved a special resolution that paves the way for delisting the company’s shares from Indian stock exchanges, the company said in a stock exchange filing. Public shareholding in Vedanta Ltd stands at 49.48%, while the rest is held by Agarwal and his family.
Vedanta Ltd was the first index heavyweight to announce its plans to delist from the stock exchanges amid the covid-19 pandemic. Since then more companies have announced such plans.
Meanwhile, Vedanta will be removed from 11 other indices such as Nifty Next 50, Nifty 500, Nifty 100, Nifty Metal and Nifty Commodities. Government-owned Mishra Dhatu Nigam Ltd will replace Vedanta in Nifty Metal index while Coromandel International Ltd in Nifty Commodities. SBI Cards and Payment Services Ltd will replace Vedanta in Nifty Next 50.