Vedanta’s Shareholders and Creditors Endorse its Demerger Proposal with Over 99% Favorable Votes
MUMBAI, India–(BUSINESS WIRE)–$VEDL #Aluminium–Vedanta Limited (“Vedanta”) announced in an exchange filing that the resolutions listed in its Notice of Equity Shareholders, Secured Creditors, and Unsecured Creditors dated January 17, 2025 have been passed with the requisite majority at their respective meetings held on February 18, 2025.
The resolutions sought the approval of the shareholders, secured, and unsecured creditors on Vedanta’s proposed demerger scheme.
- Resolution seeking approval of shareholders: approved with 99.9987% of votes in favour on votes cast.
- Resolution seeking approval of secured creditors: approved with 99.5900 % of the valid votes cast.
- Resolution seeking approval of unsecured creditors: approved by 99.9588% of the of the valid votes cast.
The demerger will result in the creation of five independent companies:
- Vedanta Aluminium
- Vedanta Oil & Gas
- Vedanta Power
- Vedanta Iron and Steel
- Vedanta Limited
The proposed demerger scheme will remain subject to receipt of other applicable statutory, government and regulatory approvals including inter alia from India’s National Company Law Tribunal.
Vedanta is one of the world’s leading critical and transition minerals, energy and technology companies spanning India, South Africa, Namibia, Liberia, UAE, Saudi Arabia, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power, Glass Substrate and display glass. The Group is also foraying into electronics manufacturing. Vedanta has governance and sustainable development at the core of its strategy.
Vedanta is ranked among the top 5 in the S&P Global Corporate Sustainability Assessment 2024 and has been listed in the Dow Jones Sustainability World Index. The company has also been certified as a Great Place to Work and Kincentric Best Employer 2023. Vedanta Limited is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India.
More information on Vedanta’s demerger scheme can be found here: Investor Relations page.
Contacts
Media Contact
Mr. Sukanti Ghosh, President – Global Policy & Communications:
sukanti.ghosh@vedantaresources.com
+44.7455.778.164
