Vedanta Resources is edging closer to completing its group consolidation following approvals from respective companies, shareholders and regulators.
The FTSE 100 diversified global natural resources major made the announcement for consolidation last February and continues to believe the move will create more value for stakeholders.
In a statement released Wednesday, the company said stakeholders would benefit from simplification of the group structure by facilitating more efficient and flexible allocation of capital and significant synergies.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Vedanta is now awaiting approval from the High Court of Madras following the completion of hearings.
The company is also in the process of hearings at the High Court of Bombay at Goa with the next scheduled for January 2013.
Once Vedanta receipts receipt of approval from both courts, it will complete the arrangements.
Vedanta produces aluminium, copper, zinc, lead, silver, iron ore, oil and gas and commercial energy. It has a market capitalisation of £2.95bn with operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka.
Its share price rose 0.09% to 1,107p at 14:10 Wednesday.
RD
-
M&S shares shift from frumpy to fabulous as pre-tax profits are up by 56%M&S is performing strongly and has announced it will pay a dividend for the first time since the pandemic.
-
The rise and fall of Sam Bankman-Fried – the “boy wonder of crypto”
Why the fate of Sam Bankman-Fried reminds us to be wary of digital tokens and unregulated financial intermediaries.
