The shares of Vedanta now trade excluding Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas, and Vedanta Steel & Iron Ore units. Vedanta’s market cap now stands at more than Rs 1.13 lakh crore after the adjustment.
The special pre-open session (SPOS) ran from 9:15 am to 9:45 am on the stock exchanges to determine Vedanta’s share price adjustment post demerger, and the regular trading in the stock began from 10 am.
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The Anil Aggrawal-led conglomerate set May 1 as the record date for its demerger, which marks one of the biggest corporate restructurings in India’s metals and mining space. Since Friday (May 1) is a market holiday due to Maharashtra Day, Thursday (April 30) is the effective record date for the demerger.
Vedanta’s index positioning
After the demerger, Nuvama Institutional Equities expects Vedanta to have a market capitalisation of nearly Rs 1.14 lakh crore. Notably, Vedanta had a market capitalisation of more than Rs 3 lakh crore at the end of the session on Wednesday. “Based on our market-cap estimates, Vedanta and Vedanta Aluminium are expected to be classified as large caps, while Vedanta Power, Vedanta Oil & Gas, and Vedanta Steel & Iron Ore fall under small cap,” it added.
Vedanta shares are part of the Nifty Next 50 index. On the global front, it is part of the MSCI Emerging Markets Index as well as FTSE indices. Nuvama said Vedanta will continue to be part of Nifty Next 50, while the other demerged entities (Aluminium, Power, Oil & Gas, Steel) will be reflected as dummy constituents until listing. It added that Vedanta’s weight will be auto-adjusted on MSCI and FTSE indices.
When will the four new Vedanta stocks list on BSE and NSE?
As a part of the demerger, each of Vedanta’s eligible shareholders will get one share of Vedanta Aluminium Metal (VAML), one share of Talwandi Sabo Power (TSPL), one share of Malco Energy and one share of Vedanta Iron and Steel, for every share held in Vedanta. However, the dates for the four new listings have not been disclosed yet.
Vedanta first announced its demerger plans in 2023, proposing to split its Indian operations into six separately listed companies, including a standalone base metals entity. Over time, the structure was revised and faced significant delays, largely due to objections raised by the government.
The demerger plan subsequently received approval from the National Company Law Tribunal (NCLT) in December last year. Under the approved scheme, the base metals business will remain within a restructured Vedanta, while four new listed companies will be carved out. The restructured Vedanta will continue to house the zinc and silver businesses through Hindustan Zinc and is envisaged as an incubator for future ventures.
Vedanta Q4 Results
Metals major Vedanta on Wednesday reported a 92% year-on-year (YoY) surge in consolidated net profit to Rs 6,698 crore for the March-ended quarter, while revenue from operations surged 47% YoY to Rs 24,609 crore during the quarter under review.
Vedanta also posted its best-ever earnings before interest, taxes, depreciation and amortisation (EBITDA) at Rs 18,447 crore, rising 59% YoY, while the EBITDA margin rose 44%, up by 915 bps YoY.
Also read: Vedanta demerger record date, how much money can you make and should you invest in buy 1, get 4 offer?
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