Vedanta Demerger Receives Nod From Shareholders, Creditors

New Delhi: Vedanta Ltd has received approval from its shareholders and creditors for its proposal to demerge the company into five independent, sector-specific companies, according to a stock exchange filing by the company.

The demerger was approved by 99.99 per cent of shareholders, 99.59 per cent of the secured creditors, and 99.95 per cent of unsecured creditors of Vedanta Limited who voted in favour of the demerger, as per the stock exchange filing made by the company.

According to Vedanta’s demerger scheme, every Vedanta shareholder will receive 1 additional share in each of the 4 newly demerged companies on the completion of the demerger process.

The five companies are Vedanta Aluminium, one of the world’s largest producers of aluminium; Vedanta Oil & Gas, India’s largest private-sector crude oil producer; Vedanta Power, one of India’s largest generators of power; Vedanta Iron and Steel - a company with a highly scalable ferrous portfolio; and Vedanta Limited – which will include the world’s second largest integrated zinc producer & third largest silver producer – in Hindustan Zinc.