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.”
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