Vedanta and Cairn India merger completed

Vedanta and Cairn India merger completed

FPJ BureauUpdated: Thursday, May 30, 2019, 07:33 AM IST
article-image

Delhi: Vedanta and Cairn India announced that the merger of Cairn India with Vedanta pursuant to the scheme of arrangement has become effective. This merger consolidates Vedanta’s position as one of the world’s largest diversified natural resources companies, with world-class, low-cost assets in Metals and Mining, and Oil and Gas.

The merged company will have a larger pro forma market cap of $15.6 billion (2), and higher free float of 49.9 per cent. Vedanta will have one of the strongest balance sheets in the Indian corporate sector with flexibility to balance capital allocation to the highest return projects while providing a strong and stable dividend.

Navin Agarwal, chairman of Vedanta said, “We are pleased to have completed the Vedanta Ltd – Cairn India merger and are very excited about the future of the combined company. I would like to thank the shareholders of both companies for their support for this transaction and welcome the Cairn India shareholders into Vedanta Ltd’s shareholder register. With world class assets in Metals and Mining and Oil and Gas, Vedanta will fuel India’s economic growth and generate value for all stakeholders.”

RECENT STORIES

Rupee Soars 40 Paise To 87.68 Against US Dollar, Driven By Central Bank Intervention

Rupee Soars 40 Paise To 87.68 Against US Dollar, Driven By Central Bank Intervention

Sensex, Nifty Open Higher, Axis Bank, Adani Ports & Titan Lead The Rally

Sensex, Nifty Open Higher, Axis Bank, Adani Ports & Titan Lead The Rally

Tariffs Not A Threat To Domestically-Driven India: RBI Governor Sanjay Malhotra

Tariffs Not A Threat To Domestically-Driven India: RBI Governor Sanjay Malhotra

SEBI Bars Eight Entities From Securities Markets, Cites Illegal Gains Of ₹173.14 Crore In Indian...

SEBI Bars Eight Entities From Securities Markets, Cites Illegal Gains Of ₹173.14 Crore In Indian...

India's Exports Grow 6.74% To $36.38 Billion, Imports Jump 16.6%, Trade Deficit Widens To $31.15...

India's Exports Grow 6.74% To $36.38 Billion, Imports Jump 16.6%, Trade Deficit Widens To $31.15...