The de-listing offer of Vedanta Ltd has failed, according to the data available on the stock exchange website. To de-list the shares from the bourses, Vedanta’s UK promoters required 134 crore shares. According to the BSE website, only 125.47 crore shares were tendered till 7.20 pm.

However, the company can come out with a revised price. But it may not get shares below ₹320 a piece for de-listing as LIC has sought that price for tendering its nearly 24 crore shares. Neither the merchant banker to the de-listing offer nor Vedanta issued any statement till the time of going to the press.

UK promoters of Vedanta hold around 50 per cent in the company and had to acquire 40 per cent stake to de-list.

“Bidding for Vendanta was extended till 7 pm and data till 7.20 pm show that the threshold 90 per cent bid has not been received. If

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BL Research Bureau

The reverse book-building process to delist the shares of Vedanta that kicked-off on Monday, has witnessed bids in a wide price range of ₹87.25 to ₹999 per share. The current market price of the company is ₹123.6 per share.

Our analysis based on the average historical price-to-book (P/B) ratio of the last few years – 1.15 times – indicate that the stock of Vedanta can be valued up to ₹220 per share.

For this analysis, we considered the P/B ratio of the company for each previous financial year from FY11 to FY19. The average of historical P/B ratio takes into account both upturns and the downturns in the cyclical industry that Vedanta is operating in.

Potential upside in price

Considering the book value of the company of ₹147 per share as of March 2020, the current P/B ratio of the company stands at just 0.83. At the

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Author’s note: This article was released to CEF/ETF Income Laboratory members on October 1, 2020. Please check the latest data before investing.

DNI to delist from the NYSE soon

As we discussed with our members in our latest Weekly Closed-End Fund Roundup, Dividend and Income Fund (DNI) announced on September 18 that they would voluntarily delist from the NYSE, and followed that up by a formal filing on September 28.

September 28, 2020 | Dividend and Income Fund Files to Voluntarily Delist Its Common Shares of Beneficial Interest. Dividend and Income Fund (DNI) (NASDAQ:XDNIX) (the “Fund”) today announced that it has filed a Form 25 with the Securities and Exchange Commission (“SEC”) to voluntarily withdraw its common shares of beneficial interest (“Shares”) listing from the New York Stock Exchange (“NYSE”) to become effective on October 8, 2020, following the close of regular trading on the NYSE. Following the effectiveness

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AUSTIN, Texas, Sept. 30, 2020 (GLOBE NEWSWIRE) — Superconductor Technologies Inc. (“STI” or the “Company”) today announced that it received a letter from the Nasdaq Hearing Panel (“Panel”) determining to delist the shares of the Company’s common stock from The Nasdaq Stock Market. As a result of the decision, suspension of trading in the shares will be effective at the open of business on September 30, 2020.

As previously disclosed, the Company appealed to the Panel on February 27, 2020 due to its failure to maintain compliance with Nasdaq’s minimum closing bid price rule (“Bid Price Rule”) and minimum $2.5 million in shareholder equity (“Shareholder Equity Rule”). The Company had previously cured its Shareholder Equity Rule deficiency. Under Nasdaq rules, as adjusted for the April 2020 Nasdaq rule change to allow for the tolling of the compliance period for companies experiencing a deficiency regarding the Bid Price Rule, the Company

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Large institutional investors are seeking around 67 per cent premium to the offer price set by Hexaware Technologies Ltd for delisting from the stock exchanges. The bidding details on stock exchanges show that a few institutional shareholders had put the bids at around ₹460 to 475 per share. The bids are yet to be confirmed.

Hexaware had sought to de-list their shares from the stock exchange at ₹285 per share. Hexaware’s delisting price is nearly three times more than its book value. The share price of Hexaware is traded at ₹423 on Monday.

The promoters and associate firms of Hexaware – HT Global IT Solutions Holdings Ltd and HT Global Holdings BV – had arrived at a floor price of ₹264.97 apiece and were to acquire at an indicative offer price of ₹285 apiece.

Promoters hold around 62 per cent shares in the company and 90 per cent is the

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The Board of Allcargo Logistics Ltd has hired Inga Ventures Pvt Ltd to carry out due diligence ahead of taking a call on a proposal moved by the promoter and promoter groups to delist the company’s shares from the bourses.

At a meeting called to discuss the delisting proposal on Thursday, the board noted that it has to be approved by the Board and the shareholders of the company in accordance with the SEBI Delisting Regulations.

“The delisting proposal is required to be approved by the Board only after receipt of a due diligence report from a merchant banker appointed by the Board in this regard,” the company said after the meeting.

The promoter and promoter groups said that the planned delisting would enhance the company’s operational, financial and strategic flexibility including corporate restructurings, acquisitions, exploring new financing structures including financial support from the members of the promoter group.

Focus

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