New Delhi : In a recent move, the National Company Law Tribunal (NCLT) approved Vedanta Ltd.’s merger with oil subsidiary Cairn India Ltd., the metals and mining company told exchanges in a notification on Thursday. Through the merger, Anil Agarwal group chairman of Vedanta Resources PlC plans to use Rs 16,867-crore cash lying with Cairn to pay off part of Vedanta’s debt. The companies has received all other regulatory approvals, say sources.
Shares of Vedanta rose 3.1 percent to Rs 269, while Cairn India rose 4.2 percent to Rs 303 after the announcement, said sources.
