Vedanta falls 10% after delisting attempt fails

BENGALURU (Reuters) – Shares of Vedanta Ltd fell 10% on Monday as the miner’s attempt to buy back shares and delist itself failed, forcing it to return all the shares tendered as part of the process.

Over the weekend, the company said https://bit.ly/36SWyBq the delisting process failed as it did not get the required number of shares needed. For a successful delisting, 1.34 billion shares had to be tendered, while the company received just 1.25 billion shares.

Group chairman and billionaire Anil Agarwal told https://bit.ly/2GMjhUY CNBC-TV18 on Friday the company will go for a counter offer if it was needed.

Vedanta shares fell to 109.70 rupees apiece on Monday. Since the delisting announcement was made in May, the shares have risen nearly 37% as of last close.

The company’s parent, Vedanta Resources Ltd , which owns 36.80% of the Indian unit, had then said it would delist and take the company private to speed up the process of simplifying its corporate structure amid the coronavirus crisis.

The company had said it was willing to accept shares tendered in the offer at 87.5 Indian rupees per equity share. For the quarter ended June 30, the miner had reported a loss of $1.7 billion rupees.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun Koyyur)

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Facebook’s Dilemma, Subpoena Time, and Twitter Fails

Illustration for article titled Facebooks Dilemma, Subpoena Time, and Twitter: There Was an Attempt

Image: Exposure Labs/Netflix

HellfeedHellfeedHellfeed is your bimonthly resource for news on the current heading of the social media garbage barge.

It’s time for Hellfeed, your biweekly summary of who’s kicking and screaming online, and we really couldn’t have picked a better day: The president tweeted that he is ill with the novel coronavirus this morning and then totally dropped off the goddamn radar.

While the nation waits for updates on the president’s condition—the White House has quietly upgraded the severity of his coronavirus infection from “mild” to “very moderate”—it is simultaneously hooting, claiming it’s a hoax, preparing for chaos, demanding civility, and generally not having any idea what the hell is going to happen next. This really caps off two weeks of everything breaking, which we’ve summarized below.

Facebook hits back at The Social Dilemma

The Social Dilemma, Netflix’s documentary on the deliberate design choices behind the online attention economy, is sort of a hot mess. It certainly raises good points about the business model and manipulative nature of companies like Facebook, but it also posits social media as the cause of rather than an amplifying factor in the state of society and doesn’t meaningfully interrogate how all of this is shaped by factors like capital, class, and politics. (It’s perhaps best summed up by a ridiculous Reefer Madness-style frame narrative, featuring a teen who is radicalized into some kind of nebulous “Extreme Center” extremist organization after staring at his phone for a few days.)

That aside, The Social Dilemma has earned largely glowing reviews and a flurry of attention because of… well, everything that’s going on right now. Facebook itself has now responded with a point-by-point list of what it says the film got wrong, complete with helpful pointers like