New Delhi, May 4 (PTI) Shares of mining conglomerate Vedanta jumped 8.5 per cent on Monday following the demerger.
The stock surged 8.54 per cent to settle at Rs 294.80 on the BSE. During the day, it jumped 8.98 per cent to Rs 296.
At the NSE, the stock climbed 8.50 per cent to Rs 294.65.
The company’s board had earlier approved a demerger effective May 1, paving the way for five independent, sector-specific businesses. The restructuring aims to enable each entity to pursue its own growth strategy and attract a broader investor base.
The company’s stock traded ex-demerger on April 30.
Vedanta had earlier said that the demerger will help in simplifying its corporate structure with sector-focussed independent businesses and provide opportunities to global
investors, including sovereign wealth funds, retail investors and strategic investors, with direct investment opportunities in dedicated pure-play companies linked to India’s remarkable growth story through Vedanta’s world class assets.
It will also provide a platform for individual units to pursue strategic agendas more freely and better align with customers, investment cycles and end markets.
As part of the demerger, Vedanta plans to separately list four entities: Vedanta Aluminium Metal Limited (VAML), Talwandi Sabo Power Ltd (TSPL), Malco Energy Ltd (MEL), and Vedanta Iron and Steel Limited (VISL). PTI SUM HVA
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