Vedanta said its board has approved the demerger of its real estate business into Vedanta Property Platforms Ltd, a new pure-play real estate company, as the mining and metals major looks to unlock value from surplus land and built-up assets across India. The demerger will be done through a scheme of arrangement between Vedanta and Vedanta Property Platforms or VPPL, subject to statutory and regulatory approvals.
The company said it will apply to BSE and NSE for no-objection letters in due course. Under the proposed vertical split, Vedanta shareholders will receive one fully paid-up equity share of VPPL for every 20 fully paid-up equity shares held in Vedanta. No cash consideration will be paid. VPPL’s equity shares are proposed to be listed on BSE and NSE.
