Vedanta group's long-awaited demerger appears to have unlocked nearly Rs 49,000 crore in shareholder value, with the combined market capitalisation of the five listed entities significantly exceeding the conglomerate's valuation before the restructuring.


As of Monday's trading session, the combined market capitalisation of Vedanta Ltd and its four newly listed demerged entities stood at about Rs 3.52 lakh crore. This compares with Vedanta Ltd's standalone market capitalisation of around Rs 3.03 lakh crore on April 29, the last trading session before the stock turned ex-demerger.

The difference of roughly Rs 49,000 crore suggests investors have assigned a higher aggregate valuation to the standalone businesses than they did to the diversified conglomerate structure. The valuation difference was even higher at well above Rs 61,000 crore at listing, before the group heavyweight stocks pared gains.

The value creation was driven primarily by Vedanta Aluminium Metal Ltd, which emerged  as the largest of the newly listed entities with a market capitalisation of about Rs 1.94 lakh crore. The aluminium business alone is worth more than 60 percent of Vedanta Ltd's entire pre-demerger market value, reflecting its importance within the group's portfolio.

Vedanta Ltd, the residual listed entity anchored by its stake in Hindustan Zinc and other assets, had a market capitalisation of about Rs 1.19 lakh crore as of Monday. Vedanta Power was valued at around Rs 15,947 crore, while Vedanta Oil and Gas and Vedanta Iron and Steel commanded market capitalisations of about Rs 14,116 crore and Rs 8,235 crore, respectively.

The market-capitalisation gain comes despite mixed trading performances among the newly listed entities on their debut day.