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Vedanta incorporates wholly owned subsidiary - Vedanta Base Metals Limited

Oct 11, 2023

By: BlinkX Research Team

Vedanta Limited, under the regulatory framework of SEBI Listing Regulations, has recently incorporated a wholly owned subsidiary named 'VEDANTA BASE METALS LIMITED.' The subsidiary's capital structure consists of an Authorized Capital of ₹1,00,000/- (1,00,000 Equity Shares of ₹1/- each), with a Subscribed Capital of ₹1,00,000/-. However, since the subsidiary is yet to commence business operations, details related to its size and turnover remain unspecified.

Vedanta Base Metals Limited falls within the metal business sector and has been established with a specific purpose. Its main objective is to facilitate the implementation of a previously announced demerger scheme, which was communicated to the exchanges via a letter dated September 29, 2023.
 

The consideration for this acquisition involves a 100% subscription to the share capital in cash, with a cost of acquisition amounting to ₹1,00,000/- (1,00,000 Equity Shares of ₹1/- each).

Furthermore, Vedanta Limited has gained full control of this subsidiary, holding 100% of the shares. Vedanta Base Metals Limited, incorporated on October 09, 2023, under the provisions of the Companies Act, 2013, operates within the Metal business sector. However, it is important to note that the subsidiary is yet to commence its business operations.