In a sweeping shake-up, metals and energy major Vedanta on Friday announced plans to spin out its businesses into six listed entities, as it fights to stave off a debt crunch.
In a statement to the exchanges, the Anil Agarwal-promoted company said the board has approved the demerger of diversified businesses to unlock ‘significant value’. The pure-play, asset-owner business model will result in aluminium, oil and gas, power, steel and ferrous materials and base metals being demerged and listed separately, the regulatory filing said.
The demerger of the business is a vertical one. For every share of Vedanta, shareholders will receive one share of each of the five newly listed companies, the company said.
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