HDFC Life Insurance Company Ltd will replace Vedanta Ltd in the Nifty 50 index beginning 31 July. Consequently, Vedanta can be additionally faraway from numerous indices due to its proposed voluntary delisting.
“The Index Maintenance Sub-Committee (IMSC) has determined to replace Vedanta Ltd from numerous indices on account of proposed voluntary delisting. The adjustments shall turn into efficient from July 31, 2020 (shut of July 30, 2020),” NSE mentioned in an announcement.
Vedanta Ltd has acquired shareholders’ approval for delisting the corporate. Public shareholders of Anil Agarwal-controlled Vedanta Ltd have accepted a particular decision that paves the best way for delisting the corporate’s shares from Indian inventory exchanges, the corporate mentioned in a inventory change submitting. Public shareholding in Vedanta Ltd stands at 49.48%, whereas the remaining is held by Agarwal and his household.
Vedanta Ltd was the primary index heavyweight to announce its plans to delist from the inventory exchanges amid the covid-19 pandemic. Since then extra firms have introduced such plans.
Meanwhile, Vedanta can be faraway from 11 different indices akin to Nifty Next 50, Nifty 500, Nifty 100, Nifty Metal and Nifty Commodities. Government-owned Mishra Dhatu Nigam Ltd will replace Vedanta in Nifty Metal index whereas Coromandel International Ltd in Nifty Commodities. SBI Cards and Payment Services Ltd will replace Vedanta in Nifty Next 50.