Mumbai: Top stock exchanges NSE and BSE will discontinue equity as well as equity derivative trading in the security of Cairn India from April 26, as the cash-rich oil producer has merged into its debt-ridden parent Vedanta. Under the merger deal, shareholders of Cairn India will get one equity share of Vedanta and four redeemable preference shares of face value Rs 10 and coupon 7.5 per cent. Further, Cairn India shareholders, as on record date, who will become shareholders of Vedanta, would also receive an interim dividend of Rs 17.70 per equity share. April 27 has been set as record date for the share swap. Accordingly, in two separate notices, NSE and BSE have asked the investors and brokers not to deal in the equity shares of Cairn India with effect from April 26. “…it is hereby notified that the following security will be suspended from trading with effect from April 26, 2017,” NSE said in the circular. BSE in its circular said: “Trading Members are advised not to deal in the equity shares of Cairn India Ltd with effect from the under mentioned date (April 26)”.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)