Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates that the listed company proposing to undertake a scheme of compromise or arrangement has to file the draft scheme with relevant stock exchanges for obtaining their ‘observation letter’ or ‘no-objection letter’ before filing such a scheme with National Company Law Tribunal (NCLT). However, the 2017 Circular does not provide any clarity on whether the unlisted transferee company is required to list its shares pursuant to scheme. spgvl unaudited accounts-sept 2020 with ltd. review report. A year later, he divested the 20 percent stake held through family trust Volcan Investments in … The successful journey will be based on two important parameters of equal innovation and speed. Sterlite Power Transmission Is A Leading Developer Of Power Transmission In India. If leaving a lasting impact on society serves as motivation for you, a career at Sterlite Power can be very rewarding. Tag: Sterlite Power Transmission Ltd Vedanta de-listing offer price Rs 87.50~Come on Mr Anil Agarwal ! The scheme involved a demerger of power products and transmission grid business from STL, a listed company, into SPTL, which was an unlisted company. Sterlite Power Grid Ventures Limited is a Public incorporated on 03 June 2014. m.esakkiappan@vedanta.co.in, Associate Manager – Public Relations [Aishwarya Singh is a lawyer based in Mumbai. Tamilnadu- 628002. SEBI in its observation letter dated 28 August 2015 objected to the scheme of arrangement between Sterlite Technologies Limited (STL) and Sterlite Power Transmission Limited (STPL). The delisting offer will provide public shareholders of Vedanta an opportunity to realise immediate and certain value for their shares at a time of elevated market volatility. Sterlite Power was the brain behind the land-economising architecture. We extract and process minerals, oil and gas, engage more than 65,000 employees and contractors, primarily in India, Africa, Ireland and Australia. This website uses cookies to improve your experience. Company has listed offer price of INR 33.82 per share. The author suggests that there should be no bar to such schemes if the requirements under the 2017 Circular are followed, which ensure greater participation of the public shareholders in the approval process of the scheme. At Sterlite Power, work is driven by a strong focus on social impact, overcoming obstacles and innovation to find solutions to complex workplace challenges. Thoothukudi, Sep 10: Sterlite Copper, a unit of Vedanta Limited has initiated delisting and cleaning work in Maruthur Melakal Channel of Maruthur Reservoir. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–looking statements by their nature address matters that are, to different degrees, uncertain. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sterlite Power offloads 14.7% stake in IndiGrid for Rs 840 crore 14 Aug, 2020, 09.37 PM IST. Save my name, email, and website in this browser for the next time I comment. Metallurgical Coke: Approximately 65% … 1st Floor, 'C'’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (E), Mumbai, Maharashtra - 400 093. Dr R Kailasam, Chief Medical Officer & Head CSR, Sterlite Copper, Mr M Kumaravendhan, Head Sustaining Projects, Sterlite Copper, Members of Maruthur Melakal Channel and Sterlite Copper Officials were present during the function. The scheme further provided that it will be acted upon only if the votes cast in favour of the scheme by the public shareholders are more than the votes cast against it in accordance with the 2017 Circular. SEBI’s primary concern with such schemes is that they do not provide for an exit opportunity to the public shareholders of the listed company. Its authorized share capital is Rs. Vedanta Ltd is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Promoter / Acquirer: Vedanta Resources Limited ("VRL") and / or its subsidiaries. But opting out of some of these cookies may have an effect on your browsing experience. The new financing to prepay the project loan of Rs 8 billion has been arranged by HDFC Bank. It also captures the … In the past SEBI had raised objections to such schemes. SEBI issued a no objection letter for the scheme on 25 January 2019. Sterlite Energy Limited is developing Sterlite Jharsuguda Power Station 2400 MW coal-fired thermal power project in Jharsuguda, Odisha. Proposed amendments to the Business Corporation Act (BCA) would have However, interestingly, under the composite scheme of arrangement between Alembic Limited, Shreno Limited and Nirayu Limited which was filed with the stock exchanges on 20 November 2018, the real estate undertaking of Alembic Limited (listed company) was to be demerged and transferred to Shreno Limited (unlisted company). Vedanta spurts on delisting plan Vedanta surged 9.97% to Rs 98.20 after the company scheduled a board meeting on 18 May 2020 to consider the proposal for voluntary delisting … The contributors do not endorse these sites, or opinions they may offer. The desilting and cleaning work of Maruthur Melakal Channel started at Maruthur and will end at Vellur, covering a distance of 20 kms. Jubilant Foods has informed to the bourses that they are investing Rs. China said Saturday that it would take necessary countermeasures in response to the New York Stock Exchange’s announcement that it would delist three major Chinese telecoms, in the latest flare-up of tensions between Beijing and Washington. The sale of its stake has been made to institutional and HNI investors, the company said in a statement. Sterlite Power Transmission Limited Unlisted Shares. Vedanta Resources Limited is a globally diversified natural resources company. Sterlite Power is a leading developer of transmission projects with a robust execution record across India and Brazil. Similarly, in 2018, Twin Star Overseas, the promoter entity, pledged its entire 52.01% holding in Sterlite Technologies with Citicorp International as collateral for a loan taken by Volcan to fund the delisting of VRL. It Is A Customer Oriented Company. financial statements-brazil participacoes 2019; financial statements- se vineyards 2019. 2/- of Sterlite Power Transmission shall be issued and allotted for every 05 (FIVE) equity shares of Rs.2/- each held in Sterlite Technologies Ltd” OR Khaitan & Co. advised Sterlite Power Grid Ventures Limited on the deal. Disgorgement by SEBI under Section 32A of IBC: Death-Knell for Insolvency Resolution? Vedanta's delisting plans were announced shortly afterwards amid global protests against the company," the report concludes. The proposed delisting will align the group’s capital and operational structures, streamline the process of servicing its financing obligations and significantly improve a range of important credit metrics. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Delisting Regulations: SEBI (Delisting of Equity Shares) Regulations, 2009, as amended. Projects Jharsuguda, Odisha. The mining baron is looking to de-list the entity from the domestic bourses as it announced plans to acquire … Equity Shares: Fully paid-up equity shares of the Company. Since the regulatory framework does not provide much clarity, companies have to rely on older precedents of draft schemes filed with the stock exchanges and SEBI’s observation letters for structuring the mergers or demergers involving a listed transferor company and an unlisted transferee company. (A) the transferee company shall remain an unlisted company until it becomes a listed company; (B) if shareholders of the transferor company decide to opt out of the transferee company, provision shall be made for payment of the value of shares held by them and other benefits in accordance with a pre-determined price formula or after a valuation is made, and the arrangements under this provision may be made by the Tribunal. The inauguration of the project was held at Maruthur Melakal Channel today. We do not undertake to update our forward-looking statements. A delisting effort announced in May Vedanta is a Rs. The expression ‘substantially the whole of undertaking’ has the same meaning as set forth in section 180(1)(a)(i) of the Companies Act. Vedanta Limited (Sterlite Copper – Tuticorin Division) Sterlite Power won two projects in Brazil, making it the first Indian transmission infrastructure developer to enter the global market. The views expressed in the article are personal.]. Sterlite Power introduces, for the first time in India, robotic technology — 'Skyrob', for safe & efficient OPGW stringing on high voltage lines. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and Vedanta Limited Sterlite Copper: SIPCOT Industrial Complex, Madurai Bypass Road, Thoothukudi (Tamil Nadu) – 628 002 T +91-461 424 2591 F +91-461 424 2829 | Website: www.vedantalimited.com Registered Office: 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (E), Mumbai, (Maharashtra) – 400 093. Vedanta's delisting plans were announced shortly afterwards amidst global protests against the company," the report concludes. The IPO page of Sterlite Technologies Ltd. captures the details on its Issue Open Date, Issue Close Date, Listing Date, Face Value, Price band, Issue Size, Issue Type, and Listing Date's Open Price, High Price, Low Price, Close price and Volume. The pertinent question is whether the transferee company is required to list its shares pursuant to such mergers or demergers. Vedanta Limited (Vedanta Ltd) is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. Necessary cookies are absolutely essential for the website to function properly. These shares were not be listed on stock exchanges pursuant to the scheme. A largest manufacturer of conductors in India around 1,60,000 MT Ishwar Nagar, Mathura Road,,. Of Companies, Pune preference shares as consideration for the transfer Unit of Vedanta Limited ) of. 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