Vedanta is in the spotlight today morning, rising over 4.5% to Rs.134.65 and currently is trading at Rs.362 levels despite the overall negative market. Its 10% of the day is at Rs.141.65.
The company, in order to help it fund the delisting from the bourses, pledged its entire shareholding in subsidiary Hindustan Zinc Ltd (HZL).
Vedanta, which is the majority owner of the company, had created an encumbrance on its entire shareholding of 64.92% through the share pledge and non-disposal undertaking in favour of SBICap Trustee Co. Ltd.
The transaction includes about 2.1 billion shares by non-disposal undertaking and 6.26 billion shares in pledge.
The company announced in May that the holding company, Vedanta Resources will acquire fully paid-up equity shares of the company that are held by public shareholders at an indicative offer price of Rs.87.5 per share.