Vedanta Ltd to split into 5 companies from May 1
Business
Vedanta Ltd. is officially breaking up into five different companies starting May 1, after getting the green light from regulators.
The move will create Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, Malco Energy, and will leave the parent Vedanta Limited as its own listed company.
Vedanta shareholders get equal shares
If you own Vedanta shares, you'll get an equal number of shares in each new company, so your investment spreads out across all five.
BALCO shares are also moving under Vedanta Aluminium.
Chairman Anil Agarwal says he's optimistic that together these new companies could be worth even more than the original $27 billion group.
The four planned demerged units are aimed to be listed on Indian exchanges by mid-May.