Vedanta shares rose 1.99 percent in Friday's BSE trade, reaching an intraday high of Rs 442.2 per share. The stock rose after creditors and shareholders approved Vedanta's demerger into five separate entities. The stock rose for the fifth consecutive session, gaining more than 7%.
The price of Vedanta's shares on the BSE increased 1.73 percent to Rs 441.05 per share. The BSE Sensex, by contrast, dropped 0.28 percent to 75,521.24. The market value of the company was Rs 1,72,467.67 crore.
In a filing, Vedanta declared that the necessary majority of secured and unsecured creditors and shareholders had approved its demerger-related resolution. The resolution was passed with 99.99 percent of those present voting in favor.
Vedanta, Vedanta Aluminium Metal, Talwandi Sabo Power Limited, Malco Energy, and Vedanta Iron and Steel will be the five businesses that remain after the demerger.
Additionally, Vedanta reported that it had issued 54,000 rupee-denominated unsecured, redeemable, rated, listed, and non-convertible debentures with a face value of Rs 1 lakh each.
Vedanta shares have increased by 60% over the last year, compared to a 4% increase in the Sensex.
