Shares of Vedanta rose 0.25% to Rs 137.80 as the reverse book-building process began on Monday (5 October 2020) for the delisting of the stock.
The indicative floor price for the bidding process has been set at Rs 87.25 per share. The bidding process will close on Friday, 9 October 2020.
As on 15:30 IST on Monday (5 October), Vedanta's delisting offer received bids for 5.01 crore shares or 2.95% against the book size of 169.73 crore shares.
Meanwhile, the company announced its first quarter earnings on Saturday, 3 October 2020.
On a consolidated basis, Vedanta's net profit declined 23.54% to Rs 1,033 crore on 25.89% fall in revenue from operations to Rs 15,687 crore in Q1 June 2020 over Q1 June 2019.
Profit before tax in Q1 June 2020 stood at Rs 2,033 crore, down by 2.35% from Rs 2,082 crore in Q1 June 2019. Current tax expenses were down by 51.70% year-on-year (YoY) to Rs 297 crore during the quarter.
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The company's EBITDA contracted by 22.75% YoY to Rs 4,008 crore in Q1 June 2020 from Rs 5,189 crore in Q1 June 2019. EBITDA margin stood at 28% as on 30 June 2020.
The company's cash & cash equivalent were at Rs 33,781 while net debt stood at Rs 24,787 crore as on 30 June 2020.
Vedanta is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.
In the past six months, the stock has surged 119.60% while the benchmark S&P BSE Sensex gained 41.26% during the same period.
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