The bid to delist Vedanta Resources would have resulted in FDI inflow of over $3.15 billion into the Indian economy and helped boost growth between 0.4 per cent and 0.8 per cent through the multiplier impact of such large infusion of funds, Vedanta said on Tuesday.
“The bid to delist Vedanta Resources’ Indian subsidiary Vedanta Ltd has not been successful. We wish to reiterate our unflinching commitment to India particularly in the natural resources sector. We are confident that Vedanta Ltd will continue to grow from strength to strength as a listed entity on the Indian stock exchanges,” it said in a press statement.
“Launching the delisting bid to garner approx. 134 crore shares was indeed a mammoth task. We saw enthusiastic participation by our shareholders that took us within striking distance of our goal, short by only 7 per cent,” it added.
The delisting offer of Vedanta Ltd had failed, according to the data available on the stock exchange website. To delist the shares from bourses, Vedanta’s UK promoters required 134 crore shares.