Vedanta Resources on Wednesday (2 September) said the book value of the equity share of its Indian subsidiary as per the delisting regulations is Rs 89.38 per share.
The book value has been extracted from from the audited consolidated financial statements of the Vedanta. The company's book value was reviewed by the advisors of VRL and is calculated by dividing the net worth of Vedanta's equity by its total number of outstanding equity shares.
Book value signifies the intrinsic value of the company's shares as on a particular date. So the book value price sets an indicative floor price for reverse book building process. VRL said that it will, at the appropriate times, take the necessary steps to proceed with the delisting offer as required under the delisting regulations.
On 12 May 2020, Vedanta Resources announced its intention to voluntary delist Vedanta in accordance with Sebi delisting regulations.
In June 2020, Vedanta said it had received shareholders' nod for delisting the shares of the company. As on 30 June 2020, the promoter & promoter group held 50.14 stake in Vedanta while the remaining 49.49% stake was held by public shareholders.
Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.
On a consolidated basis, Vedanta reported a net loss of Rs 12,521 crore in Q4 March 2020 as against net profit of Rs 2,615 crore in Q4 March 2019. The profit was impacted by exceptional loss of Rs 17,132 crore in Q4 FY20 due to impairment of assets at oil & gas, copper and iron ore business.
The scrip fell 1.14% to Rs 129.60 on the BSE. It traded in the range of 126.60 and 130.55 so far during the day.
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