Vedanta Resources Plc has decided to delist Madras Aluminium Company (Malco). The Anil Agarwal promoted Vedanta owns 80% of Malco’s equity and has sent a proposal to its board to approve a delisting proposal under Sebi’s delisting guidelines. It will have to make an offer to Malco’s shareholders through a reverse book-building process. It will set a floor price while shareholders will be free to offer shares at a higher price. The price determined through the book-building process will be the final price, which Vedanta is free to accept or reject. Continue Reading →
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