Vedanta shares have remained in focus lately after the diversified natural resources player demerged its businesses into multiple entities, which shall be listed soon. The restructuring unbundles Vedanta’s multi-commodity structure into five sector-focused companies spanning aluminium, power, oil and gas, iron and steel, and the residual parent business.

Vedanta has also explained how the cost of acquisition will be split after the demerger. For an investor holding Rs 1,00,000 worth of Vedanta before the demerger, 52.34 per cent, or Rs 52,340, will be attributed to existing entity Vedant

Malco Energy, the oil and gas business, will account for 21.49 per cent, or Rs 21,490. Talwandi Sabo Power will account for 12.23 per cent, or Rs 12,230, while Vedanta Aluminium Metal will account for 7.15 per cent, or Rs 7,150. The remaining 6.79 per cent, or Rs 6,790, will be attributed to Vedanta Iron and Steel.

Under the approved scheme of arrangement, shareholders on the record date will receive shares in the four newly created companies in a 1:1 ratio. This means that for every one share held in Vedanta Ltd, an investor will get one share each in Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel, along with the holding in the residual Vedanta.

The company said this apportionment is based on the relative net asset values and net worth of the respective undertakings. It has also clarified that these figures represent the official tax cost basis and not the eventual market listing prices of the separate entities.

As a result, any sharp fall in Vedanta’s standalone share price after the demerger is a technical adjustment reflecting the value carved out into the new companies, rather than a direct financial loss for shareholders. Brokerage firm Systematix Institutional Equities has maintained a buy rating on Vedanta based on SoTP FY28E EV/Ebitda an revised its target price to Rs 944 per share.

Of this, it ascribes Rs 341 per share to Vedanta and Rs 603 per share to the four demerged companies combined, saying the demerger could act as a catalyst for value unlocking. Its individual target prices are Rs 515 for Vedanta Aluminium Metal, Rs 29 for Vedanta Iron and Steel, Rs 25 for Vedanta Power, and Rs 34 for Vedanta Oil and Gas.

Another brokerage firms, BP Equities has also retained a buy rating on the existing listed Vedanta with a target price of Rs 387, implying a 9 per cent upside from its previous close at Rs 354.60. It said integrated operations, including captive mines and smelters, should help higher metal realisations flow into earnings.

Vedanta said listing and trading of the resulting entities is targeted by Q1FY27, marking the transition to five pure-play businesses. The company has also revised its dividend policy to a principle-based framework, removing the requirement for mandatory upstreaming of Hindustan Zinc dividend within six months and giving boards greater flexibility.