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Vedanta Resources Limited, Twin Star Holdings Limited, Vedanta Holdings Mauritius Limited, and Vedanta Holdings Mauritius Il Limited have decided to acquire shares of Vedanta Limited. As a result of this takeover, you can apply to sell your Vedanta Limited shares to the acquiring companies (mentioned above) at Rs. 235 per share between 23rd March 2021 to 7th April 2021.
Read on to know how you can apply for it quickly and easily -
What is a takeover and why should you opt for it?
It’s a corporate action where a company or group of companies offers to buy or acquire shares of another company in order to gain enough control in that company. In this case, Vedanta Resources Limited, Twin Star Holdings Limited, Vedanta Holdings Mauritius Limited, and Vedanta Holdings Mauritius Ii Limited have decided to acquire shares of Vedanta Limited. To learn more about a takeover, click here.
What does this offer mean for Vedanta Limited shareholders?
A takeover is usually done at a higher price than the market price, thus giving shareholders a chance to sell their shares at a higher price.
Existing Vedanta Limited shareholders holding Vedanta Limited shares can offer to sell their shares for Rs. 235 per share by applying to this takeover offer before 2:00 PM on 7th April 2021.
How to apply for a takeover?
Just follow these steps:
1. Login into keystone.upstox.com with your client code and back-office password
2. Click on “Account” on the top of the header line
3. Click on “Buy Back/ Takeover” from the drop-down
4. Click on “Apply” and enter the quantity
5. Submit the request
Note: Non-POA holders will need to enter a valid pin to authenticate the takeover via EDIS to proceed.
When can you apply?
Apply for this takeover before 2:00 PM on 7th April 2021.
What to keep in mind while applying?
1. You shouldn’t sell these shares on or before 7th April 2021 if you’re interested to take part in the takeover offer.
2. After applying and offering your shares up for a takeover, you cannot sell them in the market and modify or cancel your original bid.
3. You can only sell these shares in the market If the company cancels the takeover and you receive your shares back from the company.
4. You will receive the takeover amount for the shares from Vedanta/ Registrar & Transfer Agent (RTA) directly into your bank account (this will be updated in the records of the depository as well).
5. A total of 65,10,00,000 shares will be accepted by Vedanta for the takeover and the remaining shares not accepted by Vedanta will be returned back to shareholders in their Demat account.
6. Vedanta will credit the payment for the accepted shares and the unaccepted shares will be returned to the user's Demat accounts within 10 days from the date of offer closure i.e. 7th April 2021.
7. The percentage of shares accepted will be decided based on the number of retail investors who have applied for the takeover.
That’s all about the Vedanta takeover, stay tuned for more takeover updates from Upstox!
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