16 SEPTEMBER 2015AlCircle.com
Vedanta Limited updates on its merger with Cairn India
Edited by : AL CIRCLE
2 min read
Vedanta Limited, subsidiary of Vedanta Resources Plc, and Cairn India Limited have received No Objection from BSE Limited and the National Stock Exchange of India Limited vide their Observation letters dated September 10, 2015 in relation to their proposed merger. No Objection letters have been issued by the stock exchanges after receiving comments from Securities and Exchange Board of India.
In an earlier announcement dated June 14, 2015, India’s leading diversified natural resources company, Vedanta Ltd had announced that it is merging with Cairn India.
Mr Anil Agarwal, Chairman of Vedanta plc, had said on the occasion: “The merger of Cairn India and Vedanta Limited consolidates our position as India’s leading diversified natural resources champion, uniquely positioned to support India’s economic growth. The independent Directors, at both Vedanta Limited and Cairn India, unanimously recommend the proposed combination. This marks a significant step towards achieving our stated long term vision of a simplified group structure with alignment of interests between all shareholders for the creation of long term sustainable value.”
Mr Mayank Ashar, CEO of Cairn India, had said: “The merger with Vedanta Limited will generate additional value for our shareholders and derisks Cairn India by providing access to a portfolio of diversified Tier-I, low cost, long-life assets, to deliver significant near term growth."
Post merger the strategy will remain unchanged, with continued focus on delivering attractive growth, sustainable development and long-term value for all shareholders.
In an earlier announcement dated June 14, 2015, India’s leading diversified natural resources company, Vedanta Ltd had announced that it is merging with Cairn India.
Mr Anil Agarwal, Chairman of Vedanta plc, had said on the occasion: “The merger of Cairn India and Vedanta Limited consolidates our position as India’s leading diversified natural resources champion, uniquely positioned to support India’s economic growth. The independent Directors, at both Vedanta Limited and Cairn India, unanimously recommend the proposed combination. This marks a significant step towards achieving our stated long term vision of a simplified group structure with alignment of interests between all shareholders for the creation of long term sustainable value.”
Mr Mayank Ashar, CEO of Cairn India, had said: “The merger with Vedanta Limited will generate additional value for our shareholders and derisks Cairn India by providing access to a portfolio of diversified Tier-I, low cost, long-life assets, to deliver significant near term growth."
Post merger the strategy will remain unchanged, with continued focus on delivering attractive growth, sustainable development and long-term value for all shareholders.
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