Vedanta demerger 2026: record date, ex-date guide

What Vedanta has announced

Vedanta Ltd has moved its restructuring plan into the execution phase after its board approved implementation on April 20, 2026. The company has fixed May 1, 2026 as both the record date and the effective date for the demerger. Since May 1 is a market holiday due to Maharashtra Day, the trading mechanics shift the practical cut-off dates earlier. As per the schedule described, Vedanta shares will trade ex-demerger from April 30, 2026. This matters because eligibility for the new shares depends on when the shares are credited to an investor’s demat account. The plan is designed to split the current structure into five independently listed businesses, including the existing Vedanta.

Record date vs ex-date: why the cut-off is earlier

The record date is May 1, 2026, but the operational cut-off is set by India’s T+1 settlement cycle. Under T+1, shares bought on a trading day are credited to the buyer’s demat account the next trading day. The eligibility rule described is that investors who hold Vedanta shares at the end of May 1, 2026 qualify for the demerger allotment. Because May 1 is a holiday, investors cannot transact that day to become eligible. The input states that investors must buy by April 29, 2026 to ensure the shares are credited by the record date. April 30 is the ex-date, and buyers on April 30 or later will not be eligible for the demerger benefit.

Key dates investors need to track

The sequence has been set up to align entitlement, price adjustment, and derivatives transition around the holiday. April 29 is the last day to purchase Vedanta shares to qualify for the demerger benefits under the T+1 rule described. April 30 is when the stock will start trading on an ex-demerger basis. May 1 remains the official record date and effective date, even though the market will be shut. Vedanta will run a special mechanism on April 30 to discover the ex-demerger price before normal trading begins. These dates are the main operational checkpoints for retail investors and traders.

Special pre-open session on April 30 for price discovery

For price discovery, Vedanta will conduct a Special Pre-Open Session (SPOS) on April 30 between 9:15 AM and 9:45 AM. Normal trading is scheduled to begin at 10:00 AM after the special session. The post-demerger adjustment will be reflected in the ex-demerger price that emerges from that session. The stated purpose is to allow the market to discover an opening price after accounting for the value of the demerged entities. After 10:00 AM, trading will continue as usual but at ex-demerger pricing. Investors buying on April 30 will be buying the ex-demerger Vedanta share and will not receive the new shares.

How the market will value the demerged entities

The valuation of the four demerged entities will be derived from a price difference method outlined in the input. Specifically, it will be based on the difference between Vedanta’s closing price on April 29 and its opening price discovered during the SPOS on April 30. This framework is important because it links the ex-demerger adjustment directly to the opening discovery process. It also provides a clear reference for how the market is splitting value between the remaining Vedanta entity and the newly created listed companies. Beyond this mechanism, the input does not provide standalone valuation numbers for the new businesses.

What shareholders receive under the 1:1 entitlement

Under the scheme described, eligible shareholders will receive one equity share each in four newly independent companies for every one Vedanta share held, while retaining their original Vedanta share. The four demerged businesses named in the input are:

• Vedanta Aluminium Metal Ltd (VAML) - 1 equity share (face value Re 1) for every 1 Vedanta share held
• Talwandi Sabo Power Ltd (to be renamed Vedanta Power Ltd) - 1 equity share (face value Rs 10) for every 1 Vedanta share held
• Malco Energy Ltd (to be renamed Vedanta Oil & Gas Ltd) - 1 equity share (face value Re 1) for every 1 Vedanta share held
• Vedanta Iron and Steel Ltd (VISL) - 1 equity share (face value Re 1) for every 1 Vedanta share held

The restructuring is intended to result in five listed Vedanta Group companies once the new entities are listed, including the existing Vedanta.

Derivatives: expiry on April 29 and restart on April 30

The input highlights a specific operational change for derivatives participants. All existing Vedanta F&O contracts are scheduled to expire on April 29, 2026. New contracts will start from April 30 at 10:00 AM, aligned with the start of normal trading after the SPOS. The four new companies are not expected to enter the derivatives segment immediately. The cited SEBI rule in the input is that a stock needs at least six months of trading record before it can be included in derivatives, with further approval requirements.

Approvals and procedural milestones already completed

The restructuring has cleared multiple checkpoints described in the input. The composite scheme of arrangement received approval from over 99.5% of shareholders and creditors, as stated. The National Company Law Tribunal (NCLT) cleared the scheme in December 2025. On April 20, 2026, Vedanta’s board approved the implementation steps and fixed May 1, 2026 as the record and effective date. The input also notes that non-convertible debentures linked to the aluminium undertaking will transfer to VAML, with May 1 fixed as the record date for eligible debenture holders. It further states that a share sale agreement between Vedanta and VAML is expected to be executed on or before April 30, 2026.

Timeline and key facts at a glance

Stock moves cited around the announcement

The input notes that the announcement sent the stock to a 52-week high on April 21, 2026. It also states Vedanta climbed 3.15% in Tuesday’s trade to hit a record high of Rs 794.90, and at last check was up 0.26% at Rs 772.65, with a six-month rally of 60.02%. Another data point in the input says the stock ended 2.2% lower at Rs 770 on a Monday session, while it had gained 20% over the past month and was up 28% year-to-date. These price references illustrate that the demerger timeline has been a key driver of investor attention, particularly as the eligibility and ex-date approach.

What investors should watch next

The most important near-term dates are April 29 (cum-date for eligibility under the described T+1 rule) and April 30 (ex-date and SPOS price discovery). After the record date, investors will hold entitlement status based on record-date ownership until the new entities list. The input indicates that listing timing is subject to final procedural steps and could range from a few weeks to several months, with an expectation of four to eight weeks cited by Nuvama and a mid-May target cited in one timeline table. Investors typically look for exchange filings and official corporate communication for updates to the timetable. Until listing, the economic split is expected to be reflected through the ex-demerger pricing mechanism rather than trading in the new entities.

Conclusion

Vedanta has fixed May 1, 2026 as the record date and effective date for its demerger, but the holiday and T+1 settlement make April 29 the last purchase date for eligibility. The stock turns ex-demerger on April 30, with a special pre-open session between 9:15 AM and 9:45 AM to discover the adjusted price, followed by normal trading from 10:00 AM. In derivatives, existing Vedanta F&O contracts expire on April 29 and new contracts begin on April 30 at 10:00 AM. The next confirmed milestones are the ex-date trading reset and subsequent updates from exchanges and the company on the listing schedule of the four new entities.