Vedanta demerger 2026: key dates, ratio, listing

What Vedanta has announced

Vedanta Ltd, the Anil Agarwal-led metals and mining company, has fixed May 1, 2026 as the record date to determine shareholder eligibility for its demerger under a scheme of arrangement. The company has also approved the demerger ratio for the businesses being spun off. In the market, this is being tracked as one of the large corporate restructurings in India’s metals and mining space.

The record date is also described as the effective date for the demerger in the provided information. Vedanta’s composite scheme received approval from the National Company Law Tribunal (NCLT) in December 2025, and the board later formally approved implementation (the provided text cites April 20, 2026).

Why May 1 changes the trading mechanics

A key operational detail is that May 1 is Maharashtra Day, and the stock market will observe a public holiday. Since there is no trading on May 1, the practical cut-offs shift earlier. As per the schedule described, Vedanta shares will trade ex-demerger from April 30, 2026.

India follows a T+1 settlement cycle, meaning shares bought on a trading day are credited to the buyer’s demat account the next trading day. Because of this, investors need to buy at least one trading day before the ex-date to qualify for corporate actions like a demerger.

Eligibility: last day to buy is April 29, not May 1

The provided information repeatedly states that April 29, 2026 is the last day to buy Vedanta shares to qualify for the demerger entitlement under the T+1 rule. April 30, 2026 is the ex-date, so purchases on April 30 or later do not carry the entitlement.

In other words, April 29 is the cum-date when the stock still carries the demerger benefit. Investors who hold shares as of the record date (May 1) are the ones eligible to receive shares in the new entities, but the last actionable trading day to ensure eligibility is April 29 due to settlement.

What shareholders will receive: 1:1 allotment in four entities

Eligible shareholders will receive one share each of the following for every one Vedanta share held as on the record date:

• Vedanta Aluminium Metal (VAML)
• Talwandi Sabo Power (TSPL)
• Malco Energy (MEL)
• Vedanta Iron and Steel (VISL)

After the demerger, Vedanta Ltd continues as the fifth listed company, and the provided text notes it will retain its stake in Hindustan Zinc.

Face value and renaming details

The provided information also sets out the face value for the new shares. TSPL shares will carry a face value of ₹10, while VAML, MEL, and VISL will carry a face value of ₹1 each.

Two of the entities are expected to be renamed, subject to approvals. TSPL is to be renamed Vedanta Power Ltd, and MEL is to be renamed Vedanta Oil and Gas Ltd, subject to regulatory approvals.

How the ex-demerger price will be discovered on April 30

Vedanta will conduct a Special Pre-Open Session (SPOS) on April 30 for price discovery. The time cited is 9:15 am to 9:45 am, with normal trading from 10:00 am.

The mechanism described for assigning initial values to the new stocks is based on a price-difference approach. The price of the four demerged entities will be calculated from the difference between Vedanta’s closing price on April 29, 2026 and the opening price discovered for Vedanta during the SPOS on April 30, 2026. From April 30 onwards, Vedanta’s share price will reflect only the restructured Vedanta Ltd, excluding the four demerged businesses.

Listing timelines: mid-May target, but approvals matter

Listing timelines for demerged entities can vary from a few weeks to several months, depending on regulatory clearances and operational requirements. The text notes that each demerged entity must go through separate approval processes before listing.

Vedanta CFO Ajay Goel said the company intends to make the demerger effective from April 1 and that it may take four to six weeks, indicating “mid-May” as a target for all five listings. Separately, Nuvama Institutional Equities cited a 4 to 8 week window based on precedents.

Why June-end is highlighted as a deadline

The provided information flags June-end as a critical timeline marker. If the listings are delayed beyond June, the new demerged entities would miss the cut-off for the September Nifty Indices rebalance and would not be considered for inclusion in that cycle, which can defer passive flows.

It also notes that the AMFI categorisation cut-off is June-end. Any delay beyond this would shift the categorisation timeline to January 2027 instead of August 2026, as per the text.

Valuation views and what the market is watching

On valuations, the provided text cites multiple views. Sunny Agrawal, Head of Research at SBI Securities, put Vedanta’s fair value at ₹880-₹900 over 12-18 months, implying 20-23% upside from Tuesday’s lows mentioned in the text. He attributed about 54% of the total fair value to Vedanta Aluminium Metal and about 33% to the continuing Vedanta Ltd business (noted as zinc and base metals post demerger). He also cited LME Aluminium, LME Zinc, and Silver prices as key upside or downside risks.

The text also references a sum-of-the-parts fair value of ₹850-₹900 per share from another view, and a comment that the combined valuation of all five entities could be 10-20% higher over about three months, linked to the time it takes for listings and price discovery.

A separate market datapoint included is that at 11:20 AM, Vedanta was trading 1.79% lower at ₹743.50 on the BSE.

Key dates and mechanics at a glance

What investors should track next

For investors, the operational checkpoints are straightforward in the text: April 29 is the last purchase date to be eligible, April 30 is when the stock turns ex-demerger and price discovery occurs, and May 1 is the record date even though markets are shut.

Beyond eligibility, the next milestones are around the listing process and any timing updates, since the text notes listings can take weeks to months and are subject to approvals. The June-end deadlines cited make timing a key variable for index-related considerations.