Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Vedanta Limited Reports Results: KEY Info on Deal Funding Embedded

Vedanta - Someone Is Playing Silly Buggers But Even On The Last Day Investor Strategy Matters

Vedanta (VEDL): Cash Raised, Money Flow, and How It Affects Delisting Offer Discovered Price

Quiddity Advisors

Event-Driven

On 29 September, <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> provided an <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/5ff359d1-b8f4-4e66-bfc1-d5706348d611.pdf" target="_blank" rel="noopener">announcement</a> to the Exchanges to the effect that the BSE and NSE had provided In-Principle Approval for the Delisting Offer on 28 September 2020. As per SEBI guidelines, the announcement of that was due today. This had been previewed in an article in the Economic Times yesterday, and shares touched a recent high at INR 140.00/share before closing at a recent high of INR 139+. 
Once the In-Principle Approval is received, the schedule gets quite tight. The announcement of the Delisting Offer in a newspaper was provided with the <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/5ff359d1-b8f4-4e66-bfc1-d5706348d611.pdf" target="_blank" rel="noopener">announcement</a> and that sets things off. 
This insight provides a breakdown of the basics to the arithmetic both on fundamentals and on the particular nature of the Discovered Price calculation when there is a significant portion of the minority shares which are in the form of ADS.
This lifts the possible RBB using existing funding lines of US$3.15bn quite dramatically vs where the papers have suggested.  
BE AWARE OF THE ARITHMETIC.
As always, MUCH more below the fold.

On 29 September, Vedanta Ltd (VEDL IN) provided an announcement to the Exchanges to the effect that the BSE and NSE had provided In-Principle Approval for the Delisting Offer on 28 September 2020. As per SEBI guidelines, the announcement of that was due today. This had been previewed in an article in the Economic Times yesterday, and shares touched a recent high at INR 140.00/share before closing at a recent high of INR 139+. 
Once the In-Principle Approval is received, the schedule gets quite tight. The announcement of the Delisting Offer in a newspaper was provided with the announcement and that sets things off. 
This insight provides a breakdown of the basics to the arithmetic both on fundamentals and on the particular nature of the Discovered Price calculation when there is a significant portion of the minority shares which are in the form of ADS.
This lifts the possible RBB using existing funding lines of US$3.15bn quite dramatically vs where the papers have suggested.  
BE AWARE OF THE ARITHMETIC.
As always, MUCH more below the fold. 

Vedanta Reverse Book Build Auction - It’s On And the Schedule From Here Is Tight