Shares of Vedanta Ltd rose 2 per cent in Friday's trade after the Anil Agarwal-led company in a stock exchange filing said a meeting of shareholders and creditors will held on Tuesday, February 18, regarding the demerger.
The matter pertains to the scheme of arrangement between Vedanta Ltd and Vedanta Aluminium Metal Ltd and Talwandi Sabo Power Ltd -- resulting company 2; Malco Energy - resulting company 3; and Vedanta Base Metals (VBML) and Vedanta Iron and Steel -- (resulting company 4; and their respective shareholders and creditors.
"The meetings of the equity shareholders, secured creditors and unsecured creditors of the company are scheduled to be held on Tuesday, February 18, 2025," Vedanta said.
Vedanta shares rose 1.85 per cent to Rs 458.20.
The metals & mining giant recently announced revisions to its previously proposed demerger scheme. It has decided to retain its base metals business within Vedanta. The Anil Agarwal-led firm had earlier proposed to demerge Vedanta into six pure-play companies —Vedanta, Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas, Vedanta Base Metals and Vedanta Iron and Steel— to enhance value unlocking.
Subsequent to the NCLT order, board of directors of the demerged company, VBML and the resulting companies, have by way of their resolutions dated December 20, 2024 and December 23 decided to not proceed with implementation of Part V (Demerger and Vesting of the Base Metals Undertaking) of the scheme.
"Accordingly, the board of the demerged company, VBML and the resulting companies have approved the updated Scheme of Arrangement, between the demerged company and resulting company 1 and resulting company 2 and resulting company 3 and resulting company 4 and their respective shareholders and creditors," Vedanta said.