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Market Insights | June 13, 2026
If you held Vedanta Limited shares on May 1, 2026, you woke up to four extra stocks in your demat account. You did not buy them. You did not pay anything for them. They just appeared. Today, June 13, your demat shows five lines where there used to be one: Vedanta Ltd (VEDL), Vedanta Aluminium Metal (VAML), Vedanta Power (formerly Talwandi Sabo Power), Vedanta Oil and Gas (formerly Malco Energy), and Vedanta Iron and Steel (VISL). On June 15, 2026, all four new companies begin trading on BSE and NSE for the first time. This article tells you exactly what you now hold, what each company does, what the official cost of acquisition ratios mean for your taxes, the T2T trading rules that apply for the first ten sessions, the ICICI Direct combined value target of Rs 880 to Rs 900 per original share, and the three decisions every Vedanta shareholder needs to make before the opening bell on Monday.
5 Companies
One Vedanta share held on May 1, 2026 became five holdings: VEDL (residual), VAML (aluminium), Vedanta Power (merchant power), VOGL (oil and gas), and VISL (iron and steel). All in a 1:1 ratio, free of cost.
June 15, 2026
The listing date. All four demerged companies begin trading on BSE and NSE. A special pre-open session runs before normal trading to discover opening prices. All four are in the T2T segment for the first 10 trading sessions.
52.34%
The share of your original Vedanta cost that stays with the residual Vedanta Ltd entity, per the official Cost of Acquisition Ratio (COAR) announced under Section 73 of the Income Tax Act, 2025. The remaining 47.66% is split across the four new entities.
Rs 880-900
ICICI Direct’s estimated combined value of all five entities per original Vedanta share within 12 to 18 months of listing. This compares with the pre-demerger price range of approximately Rs 720 to Rs 760 before the ex-demerger adjustment on April 30, 2026.
Table of Contents
- Part I: Why Vedanta Did This — The Strategic Logic of the Demerger
- Part II: The Full Timeline — From September 2023 Announcement to June 15, 2026 Listing
- Part III: What Each of the Five Companies Does and Holds Interactive tab guide: VEDL, VAML, Vedanta Power, VOGL, VISL
- Part IV: The Cost of Acquisition Ratios — The Most Important Numbers for Your Tax File VEDL 52.34%, VOGL 21.49%, TSPL 12.23%, VAML 7.15%, VISL 6.79%
- Part V: Interactive Cost Calculator — What Is Your Adjusted Cost Per Company?
- Part VI: T2T Trading Rules for the First 10 Sessions — What You Can and Cannot Do
- Part VII: Tax Treatment — No Immediate Tax, But Here Is What Applies When You Sell
- Part VIII: Valuation — What Analysts Think the Five Pieces Are Worth
- Part IX: The Three Decisions Every Vedanta Shareholder Needs to Make
- Frequently Asked Questions
Part IWhy Vedanta Did This: The Strategic Logic of the Demerger
Vedanta Limited has historically been one of India’s most complex listed companies. It operated aluminium smelters, oil and gas blocks, merchant power plants, iron ore mines, zinc mines through its stake in Hindustan Zinc, a copper smelter, a ferrochrome plant, and a nickel refinery, all under a single stock. For investors, this meant that buying Vedanta was effectively buying a basket of commodities with no ability to express a view on a specific business. A fund that wanted aluminium exposure also had to take oil and gas exposure. A fund restricted from holding upstream energy companies could not own Vedanta at all. The result was a structural valuation discount: because no investor class could cleanly own every business Vedanta operated, the whole traded at a discount to the sum of its parts.
The demerger was Vedanta chairman Anil Agarwal’s answer to this problem. By separating the aluminium, merchant power, oil and gas, and iron and steel businesses into four independently listed companies, each business now has its own stock, its own management accountability, its own capital structure, and its own dividend policy. A global energy fund can now buy Vedanta Oil and Gas directly. A green energy investor who specifically wants merchant power exposure can own Vedanta Power. An investor focused on the steel cycle can own Vedanta Iron and Steel without any exposure to oil price movements. The structural valuation discount should, in theory, compress or disappear, because each business can now attract the specific class of investor that values it most appropriately.
The number that validates the logic: Vedanta’s FY26 consolidated revenue was Rs 1,74,075 crore and profit after tax was Rs 25,096 crore, the highest in the company’s history. Total shareholder return in FY26 was approximately 50%, significantly outperforming sector benchmarks, according to Anil Agarwal’s letter to shareholders in May 2026. The company declared a dividend of Rs 34 per share for FY26. A business performing at this level, restructured into five focused entities at the right time, is the ideal setup for maximum value recognition in public markets.
Part IIThe Full Timeline: From Announcement to June 15 Listing
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Sep 23September 2023Original Demerger Announcement: Six Entities
Vedanta first announced plans to demerge into six independent listed entities, including a separate base metals company. The plan included Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and the residual Vedanta Limited.
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Jan 25Early 2025Plan Revised to Five Entities: Base Metals Demerger Deferred
Vedanta revised the demerger plan to create five entities rather than six, deferring the demerger of the base metals business (copper, zinc international, ferrochrome, nickel) to a later stage. The base metals operations remained within the residual Vedanta Ltd entity.
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Feb 25February 18, 2025Shareholder and Creditor Approval: 99.99% in Favour
The composite scheme of arrangement was put to a vote. Shareholders approved it with 99.9987% of votes in favour. Secured creditors approved with 99.59% of valid votes. Unsecured creditors approved with 99.9588%. The approval was effectively unanimous. Proxy advisory firms ISS, Glass Lewis, InGovern, IiAS, and SES all recommended voting in favour.
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Dec 25December 16, 2025 and January 9, 2026NCLT Mumbai Bench Approves the Scheme
The National Company Law Tribunal (NCLT), Mumbai Bench approved the composite scheme of arrangement through orders on December 16, 2025 and January 9, 2026. The NCLT approval was the final judicial hurdle. Vedanta’s stock rose 5% in two trading sessions following the December 16 order.
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Apr 26April 20, 2026Board Approves Implementation; Record Date Set as May 1, 2026
Vedanta’s board formally approved the implementation of the scheme and fixed May 1, 2026 as both the effective date and record date. Shareholders holding Vedanta shares in their demat accounts on May 1 became eligible to receive one share each in all four resulting companies.
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Apr 30April 30, 2026Ex-Demerger Date: Vedanta Adjusts from Rs 720-760 Range to Rs 300-325 Range
Vedanta traded ex-demerger on April 30. A special pre-open session was held from 9 am to 10 am to discover the price of the residual Vedanta entity after the separation of the four businesses. The stock adjusted sharply from approximately Rs 720 to Rs 760 to approximately Rs 300 to Rs 325, reflecting the value transferred to the four new entities. All existing F&O contracts on Vedanta expired as of April 29, 2026.
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May 26May 1, 2026Effective Date and Record Date: Scheme Becomes Operative
May 1 was a market holiday (Maharashtra Day). Shareholders whose Vedanta shares settled in their demat accounts by this date became eligible for the 1:1 allotment in all four new entities. The scheme became legally effective from this date.
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May 8-11May 8 to 11, 2026Shares of Four New Entities Credited to Demat Accounts
Shares of VAML, Vedanta Power (TSPL), Vedanta Oil and Gas (MEL), and VISL began appearing in eligible shareholders’ demat accounts. Many shareholders initially reported the shares were not visible or had incorrect valuations in broker apps during this period. Brokers subsequently updated their systems.
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Jun 9June 9, 2026Malco Energy Renamed Vedanta Oil and Gas Limited (VOGL)
The Registrar of Companies (RoC) under the Ministry of Corporate Affairs approved the name change of Malco Energy Limited to Vedanta Oil and Gas Limited with effect from June 9, 2026. Similarly, Talwandi Sabo Power Limited became Vedanta Power Limited.
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Jun 11June 11, 2026BSE and NSE Confirm June 15 Listing Date
Both stock exchanges issued circulars confirming the listing date as June 15, 2026, for all four entities. The securities will be admitted under a special pre-open session in the “IPO and Other” category before normal trading commences. All four will trade in the Trade-for-Trade (T2T) segment for the first 10 sessions.
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Jun 15June 15, 2026Listing Day: Four New Stocks Begin Trading on BSE and NSE
VAML, Vedanta Power, VOGL, and VISL list on both exchanges. Price discovery through a special pre-open session. T2T rules apply: no intraday trading permitted. One of India’s largest corporate restructurings in the metals and mining sector reaches its final public milestone.
Part IIIWhat Each of the Five Companies Does and Holds
After the demerger, the five companies are structurally and operationally distinct. Here is what each one contains, what it produces, and what investors are buying when they hold it.
Part IVThe Cost of Acquisition Ratios: The Most Important Numbers for Your Tax File
When Vedanta demerged, your original purchase cost of Vedanta shares did not disappear. It was split across five entities in proportions determined by the net worth of Vedanta Limited and the net assets of each demerged undertaking, as calculated under Section 73 of the Income Tax Act, 2025. Vedanta issued an official exchange filing disclosing these ratios. These are the numbers you or your chartered accountant must use to calculate your adjusted cost of acquisition for each entity when you eventually sell.
Official Cost of Acquisition Ratios (COAR) — Vedanta Demerger, Effective May 1, 2026
Vedanta Ltd (VEDL)
52.34%
Vedanta Oil and Gas (VOGL)
21.49%
Vedanta Power (TSPL)
12.23%
Vedanta Aluminium (VAML)
7.15%
Vedanta Iron and Steel (VISL)
6.79%
Source: Vedanta Limited exchange filing to BSE and NSE. Ratios determined under Section 73 of the Income Tax Act, 2025, based on net worth of Vedanta Ltd and net assets of each demerged undertaking. All five ratios total 100%.
What this means in plain terms: If you bought 100 Vedanta shares at Rs 500 each (total cost Rs 50,000), your acquisition cost is now split as follows: Rs 26,170 to Vedanta Ltd, Rs 10,745 to VOGL, Rs 6,115 to Vedanta Power, Rs 3,575 to VAML, and Rs 3,395 to VISL. The total is still Rs 50,000. Nothing has been lost. Only the attribution has changed. When you sell any of the five entities, your capital gain or loss will be calculated as the sale price minus the relevant COAR-adjusted cost.
Important note on tax advice: Vedanta’s exchange filing explicitly states that the COAR communication is general guidance only and should not be treated as a substitute for independent professional advice. Regulatory, statutory, or judicial authorities, including assessing officers, could take a different view. You should consult a SEBI-registered investment adviser or a chartered accountant before filing your tax return if you have sold or plan to sell any of the five entities.
Part VInteractive Cost Calculator: What Is Your Adjusted Cost Per Company?
Enter your original per-share purchase price of Vedanta and the number of shares held to see how your cost of acquisition is distributed across all five entities under the official COAR ratios.
Vedanta Demerger: Adjusted Cost of Acquisition Calculator
Your original cost per Vedanta share (Rs)
Number of Vedanta shares held
EntityCOARAdjusted Cost (Rs)
Vedanta Ltd (VEDL)52.34%–
Vedanta Oil and Gas (VOGL)21.49%–
Vedanta Power (TSPL)12.23%–
Vedanta Aluminium (VAML)7.15%–
Vedanta Iron and Steel (VISL)6.79%–
Total (all five entities)100%–
This calculator applies official COAR ratios per Vedanta’s exchange filing. Results are for indicative purposes only. Consult a chartered accountant for tax filing. The adjusted cost shown per entity equals the cost per share for that entity (since the allotment ratio is 1:1).
Part VIT2T Trading Rules for the First 10 Sessions: What You Can and Cannot Do
Both BSE and NSE have confirmed that all four demerged entities will trade in the Trade-for-Trade (T2T) segment for their first 10 trading sessions, starting June 15, 2026. This is a standard regulatory requirement for newly listed securities and certain categories of restructured entities. Understanding T2T is essential before you trade on Monday.
What T2T means
Delivery Only
Every buy or sell transaction must result in actual delivery of shares. You cannot square off a position on the same day.
Intraday trading
Not Permitted
Shares bought during a T2T session cannot be sold on the same day. Any buy order must be funded by cash in your account, not expected sale proceeds from the same day.
T2T duration
10 Trading Days
From June 15, the first 10 trading sessions (approximately two calendar weeks, depending on market holidays) are under T2T restrictions.
Can you sell on Day 1?
Yes
You can sell your demerger-allotted shares on Day 1. But you must use a delivery-based sell order, not an intraday sell. The shares must be in your demat account.
Derivatives (F&O)
Not Available
SEBI requires at least six months of trading history before a stock can enter the derivatives segment. Futures and options on the four new entities will not be available at listing.
Price discovery
Pre-Open Session
A special pre-open session under the “IPO and Other” category will run before normal market hours on June 15. This is how the opening price for each entity is discovered.
Why T2T creates opportunity and risk simultaneously: Because intraday trading is not permitted, every participant who buys on Day 1 is making a short-term investment of at least one full trading session. This reduces speculation volume and tends to produce less volatile price discovery than a freely tradeable stock. However, it also means the bid-ask spreads on Day 1 may be wide, and large sell orders from shareholders looking to exit immediately can move prices more sharply than they would in a liquid market. If you are planning to sell your demerger-allotted shares on Day 1, be prepared for potential price volatility in a thin market.
Part VIITax Treatment: No Immediate Tax, But Here Is What Applies When You Sell
The Demerger Allotment Itself Is Tax-Free
Under the Income Tax Act, the allotment of shares in demerged entities to shareholders is not treated as a “transfer” and therefore does not attract capital gains tax at the time of allotment. When your demat account was credited with shares of VAML, Vedanta Power, VOGL, and VISL in May 2026, you did not incur any tax liability. The demerger is a capital restructuring, not a sale or exchange of assets. This is the same treatment that applied to all other NCLT-approved demerger schemes in India.
When You Sell: How Capital Gains Are Calculated
| Holding Period | Classification | Tax Rate (Listed Equity) | Threshold for LTCG |
|---|---|---|---|
| More than 12 months from original Vedanta purchase date | Long-Term Capital Gain (LTCG) | 12.5% on gains above Rs 1.25 lakh per year | Rs 1.25 lakh exemption limit per year |
| 12 months or less from original Vedanta purchase date | Short-Term Capital Gain (STCG) | 20% | No exemption threshold |
The holding period benefit: Your holding period for all five entities starts from the date you originally bought Vedanta, not from the May 1, 2026 demerger date. If you bought Vedanta shares in May 2024 or earlier, all five entities are already in long-term capital gains territory. When you sell, your gain is calculated as the sale price minus the COAR-adjusted cost per entity. LTCG at 12.5% applies on the gain above Rs 1.25 lakh. This is a significant tax benefit of the demerger structure.
Part VIIIValuation: What Analysts Think the Five Pieces Are Worth
The core investment thesis for holding through a demerger rather than selling before it is the belief that the sum of five separately traded parts will be valued higher than the single entity was valued before separation. Vedanta’s pre-demerger share price was approximately Rs 720 to Rs 760 before the April 30 ex-demerger adjustment. After the adjustment, the residual Vedanta entity was trading in the Rs 300 to Rs 325 range. The combined value of all five entities at their post-demerger individual prices must therefore exceed the pre-demerger single share price for the demerger to have created value in market terms.
ICICI Direct combined value target: Analysts at ICICI Direct estimated that the combined value of all five entities could reach Rs 880 to Rs 900 per original Vedanta share within 12 to 18 months of the demerger, representing a significant premium over the pre-demerger adjusted price. This estimate is not a guaranteed outcome; it is a valuation case that assumes each entity is eventually priced at a multiple appropriate for a focused, sector-specific company rather than a discount-affected conglomerate multiple.
Conglomerates typically trade at a discount to the sum of their parts. This is called the conglomerate discount, and it exists because investors who want pure exposure to one sector cannot achieve it through a conglomerate. The wider and more diverse the conglomerate’s businesses, the larger the discount tends to be. Vedanta, operating in aluminium, oil and gas, merchant power, iron ore, zinc, copper, nickel, and semiconductors simultaneously, was one of the most diverse industrial conglomerates on Indian exchanges. Its historic valuation multiple was lower than any of its individual business peers on a like-for-like basis.
After the demerger, each entity will be valued as a sector-specific company. VAML will be compared with National Aluminium Company (NALCO) and Hindalco on aluminium multiples. VOGL will be compared with Oil India and ONGC on upstream oil production multiples. Vedanta Power will be compared with merchant power companies on power sector multiples. If each entity commands even a fraction of the multiple premium that focused companies earn over conglomerates, the combined value of all five should exceed the pre-demerger single-entity value. This is the structural value unlock thesis.
The value unlock thesis assumes investor demand for each entity is broad and deep. For some entities, this may not be true immediately. VISL’s iron ore and steel business has a complex regulatory history in Goa, and the steel industry is currently dealing with an anti-dumping petition context. Vedanta Power, as a merchant thermal power operator, is not the preferred investment thesis for domestic institutional investors who are allocating to the energy transition and away from coal. VAML’s aluminium business competes against better-positioned companies like Hindalco in investor perception.
Additionally, all four entities are newly listed with no independent trading history, no separately audited standalone P&L record as public companies, and no analyst coverage in their own right. Institutional investors who manage sector-specific funds may need six to twelve months of clean, standalone financial reporting before they can build large positions. In the interim, the T2T restriction and wide bid-ask spreads on newly listed, thinly traded entities can create temporary price suppression that has nothing to do with fundamental value.
Part IXThe Three Decisions Every Vedanta Shareholder Needs to Make
Decision 1: Do You Sell on Day 1 or Hold?
If you want to exit any or all of your demerger-allotted shares immediately, you can do so on June 15. The T2T rules allow delivery-based sells. There is no restriction on selling demerger shares on Day 1. The question is price. The opening prices of all four entities are unknown until the special pre-open session runs. If you place a limit sell order below the expected opening price, you may not execute. If you place a market sell order, you may receive a lower price than the mid-point value implied by the COAR ratios. Day 1 price discovery in T2T stocks tends to be volatile in the first few sessions as institutional and retail investors sort out which entities they want to hold and which they want to exit. The first three to five trading sessions typically produce the widest price swings.
Decision 2: Which Entities Do You Want to Hold Long-Term?
After Day 1, you should form a view on each entity independently. The five companies have different risk profiles, different commodity exposure, different regulatory environments, and different growth trajectories. Holding all five because you held one is not a considered portfolio decision. Evaluate each entity on its own merits. If you are bullish on India’s aluminium demand growth, VAML is a logical hold. If you want an upstream oil and gas play on Rajasthan Block production, VOGL is relevant. If you are concerned about coal-based power’s long-term future, selling Vedanta Power and rotating into the entities you believe in is a defensible choice. The demerger has given you the analytical clarity to make these decisions; the pre-demerger structure did not.
Decision 3: Have You Updated Your Cost of Acquisition in Your Records?
This is the administrative decision that most retail investors will overlook and regret at tax time. The moment any of your five entities is sold, the capital gain calculation requires the COAR-adjusted cost, not the original undivided Vedanta cost. If you sell VOGL shares without applying the 21.49% COAR to your original purchase cost, you will either overstate or understate your gain, leading to either excess tax payment or a potential tax demand. Update your investment register now, before you execute any trade. Most brokerage platforms will update average costs in their own systems, but the accuracy and method varies. Confirm the correct COAR-adjusted cost with your broker and with your chartered accountant before the tax filing deadline for the relevant assessment year.
What the Vedanta Demerger Really Means
India’s corporate history does not have many restructurings of this scale. The separation of Vedanta’s Rs 1.74 lakh crore revenue business into five independently listed entities is the most significant minerals and mining restructuring India has seen. It converts a company that was institutionally difficult to categorise and individually impossible to invest in on a sector basis into five distinct, investable businesses that each tell a clean story to a specific class of investor.
The immediate practical implication for every existing Vedanta shareholder is straightforward: you now hold five companies, the demerger was tax-neutral at the point of allotment, your holding period starts from your original purchase date across all five, and you have official COAR ratios to calculate your adjusted cost when you sell. The ICICI Direct combined value target of Rs 880 to Rs 900 per original share within 12 to 18 months suggests meaningful upside over the pre-demerger price, but capturing that upside requires patience through the early T2T trading period and a deliberate, informed view on which entities you want to hold.
The most dangerous thing you can do on June 15 is sell all four new entities reflexively because you did not understand what you received. Equally, the most dangerous thing you can do is hold all five indefinitely because you are not sure which ones to sell. The demerger has created both the opportunity and the obligation to think clearly about what each of Vedanta’s businesses is worth and what role each one plays in your portfolio. That is exactly the outcome that Anil Agarwal and the Vedanta board intended when they started this process in September 2023.
Frequently Asked Questions
Vedanta Limited demerged four of its businesses into separate independently listed companies with effect from May 1, 2026. As a shareholder who held Vedanta shares on the record date of May 1, 2026, you received one share each in Vedanta Aluminium Metal Limited (VAML), Vedanta Power Limited (formerly Talwandi Sabo Power Limited), Vedanta Oil and Gas Limited (VOGL, formerly Malco Energy Limited), and Vedanta Iron and Steel Limited (VISL) for every Vedanta share you held. This is a 1:1 entitlement ratio. You did not pay anything for these shares. Your original Vedanta shares remain in your account. After the demerger, you hold five stocks where you previously held one. All four new companies list on BSE and NSE on June 15, 2026.
Vedanta filed an official exchange notification disclosing the Cost of Acquisition Ratios, which divide your original Vedanta purchase cost across the five entities for tax purposes. The ratios are: Vedanta Ltd 52.34%, Vedanta Oil and Gas (VOGL) 21.49%, Vedanta Power (TSPL) 12.23%, Vedanta Aluminium (VAML) 7.15%, and Vedanta Iron and Steel (VISL) 6.79%. These ratios were calculated under Section 73 of the Income Tax Act, 2025, based on the net worth of Vedanta Limited and the net assets of each demerged undertaking. They matter because when you sell any of the five entities, the capital gain is calculated as the sale price minus the COAR-adjusted cost per share. Using the wrong cost figure will lead to an incorrect capital gain calculation. For example, if you originally bought Vedanta at Rs 500 per share, your adjusted cost for VOGL is Rs 107.45 per share (21.49% of Rs 500). Note: Vedanta advises shareholders to seek independent tax advice, as assessing officers could take a different view.
All four demerged entities will trade in the Trade-for-Trade (T2T) segment for their first 10 trading sessions from June 15, 2026, as confirmed by BSE and NSE in circulars issued on June 11. T2T means that all transactions must result in actual delivery of shares. Intraday trading is not permitted: shares bought during a T2T session cannot be sold on the same day. You can sell your demerger-allotted shares on Day 1, June 15, using a delivery-based sell order. You cannot use a margin or intraday facility for these stocks during the T2T period. Price discovery on Day 1 will happen through a special pre-open session in the “IPO and Other” category before normal market trading begins. Expect potentially wide bid-ask spreads and elevated volatility in the first few sessions, as institutional and retail investors make initial positioning decisions on newly listed, thinly traded stocks.
No. The allotment of shares in demerged entities to shareholders under an NCLT-approved scheme of arrangement is not treated as a “transfer” under the Income Tax Act, and therefore does not attract capital gains tax at the time of allotment. When your demat account was credited with shares of VAML, Vedanta Power, VOGL, and VISL in May 2026, no tax liability arose. Tax liability will arise only when you sell any of the five entities. At the time of sale, your capital gain or loss for each entity is calculated separately as the difference between the sale consideration and the COAR-adjusted cost of acquisition. Your holding period for all five entities is counted from your original Vedanta purchase date, not from the May 1, 2026 demerger date. If your original Vedanta purchase was more than 12 months ago, all five entities qualify for long-term capital gains treatment at 12.5% on gains above Rs 1.25 lakh per year.
After transferring the aluminium, merchant power, oil and gas, and iron and steel businesses to the four new entities, the residual Vedanta Limited retains the following: its approximately 60% shareholding in Hindustan Zinc Limited (India’s sole producer of zinc, lead, and silver, and one of the world’s lowest-cost zinc producers), Vedanta Zinc International with assets in South Africa and Namibia, the copper smelting business (serving approximately 35% of India’s copper demand), the ferrochrome operations, India’s only nickel refinery, the semiconductor and display glass businesses (Vedanta’s entry into advanced manufacturing), and future critical minerals investments. The 52.34% COAR allocated to Vedanta Ltd reflects the dominance of the Hindustan Zinc stake in determining the residual entity’s net worth. Anil Agarwal’s letter to shareholders described the post-demerger Vedanta Ltd as a focused critical minerals and strategic metals company.
The Vedanta demerger went through multiple approval stages over approximately two and a half years. Vedanta first announced demerger plans in September 2023. The plan was revised from six to five entities in early 2025. On February 18, 2025, shareholders approved the composite scheme of arrangement with 99.9987% of votes in favour. Secured creditors approved with 99.59% and unsecured creditors with 99.9588%. All major proxy advisory firms, including ISS, Glass Lewis, InGovern, IiAS, and SES, recommended voting in favour. The National Company Law Tribunal (NCLT) Mumbai Bench approved the scheme through orders on December 16, 2025 and January 9, 2026. Vedanta’s board approved the implementation and set the record date on April 20, 2026. The scheme became effective from May 1, 2026. BSE and NSE confirmed June 15, 2026 as the listing date for all four demerged entities on June 11, 2026.
Disclaimer: This article is for informational and educational purposes only and is current as of June 13, 2026. All demerger structure details, COAR ratios, dates, exchange circulars, shareholder vote percentages, and entity descriptions are sourced from Vedanta Limited’s official exchange filings to BSE and NSE, the NCLT orders, Vedanta’s board resolutions, and Anil Agarwal’s letter to shareholders dated May 2026. The ICICI Direct combined value estimate of Rs 880 to Rs 900 is a third-party analyst projection and does not constitute a guarantee of future returns. The COAR ratios are provided for indicative purposes; shareholders should consult a chartered accountant or SEBI-registered investment adviser before making tax or investment decisions. Nothing in this article constitutes investment advice. fiscalzenith.com accepts no liability for decisions made in reliance on this article.
