HDFC Life to replace Vedanta in Nifty index due to delisting

Stock Market

HDFC Life Insurance Company Ltd will replace Vedanta Ltd in the Nifty 50 index beginning 31 July. Consequently, Vedanta will probably 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 modifications shall change into efficient from July 31, 2020 (shut of July 30, 2020),” NSE stated in a press release.

Vedanta Ltd has acquired shareholders’ approval for delisting the corporate. Public shareholders of Anil Agarwal-controlled Vedanta Ltd have authorized a particular decision that paves the way in which for delisting the corporate’s shares from Indian inventory exchanges, the corporate stated 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 corporations have introduced such plans.

Meanwhile, Vedanta will probably be faraway from 11 different indices corresponding 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.

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