Mining conglomerate Vedanta Ltd on Wednesday said it has received clearances from leading exchanges BSE and NSE for its proposed demerger.
The development assumes significance as it will pave the way for Vedanta's plan to split into six independent listed companies, including oil and gas and aluminium.
"... BSE and NSE, vide their letters dated July 31, 2024 and July 30, 2024 respectively, have conveyed that they have 'no objections/no adverse observations', on the proposed scheme," Vedanta said in a regulatory filing.
The company said that it will soon file an application with the National Company Law Tribunal (NCLT).
"The scheme remains subject to receipt of other applicable statutory and regulatory approvals including inter alia from the National Company Law Tribunal and the respective shareholders and creditors, under applicable laws," the filing said.
On Tuesday, Vedanta Ltd said it has received approvals from majority of its creditors for a proposed demerger of businesses, .
