Vedanta = Rs. 87.

They have a subsidiary called Hindustan Zinc which trades at Rs. 184. Vedanta owns 64% of this
subsidiary. Which straight away means – Vedanta share price should be atleast min = 184 x 64% = 118rs.

Now if you delist at 87.5 rs – does that mean Vedanta itself with the subsidiary is worth 87.5-118 = -31.5

This company pays a lot of dividend ---- > HZ ==== > VEDANTA (Parent, Minority) ==== > VEDANTA PLC
(Parent) (listed in UK)

The promoters want to stop this “leakage” of dividend – when you have to minority and several taxes
related to dividend at VEDANTA.

If they delist Vedanta – HZ can directly pay dividends to the parent.

They believe the stock price of Vedanta is really attractive to buy all shares as of now.

Minority shareholders are at a disadvantage if it sells below 110rs.

87.5 – indicative price (floor price)

Discovery price = at which people are ready to sell their shares – this price will be higher than 100rs.