Wednesday, 12 April 2017

Vedanta-Cairn India merger becomes effective >> click here for FREE TRIALS

Natural resources major Vedanta Ltd. said on Tuesday that its merger with subsidiary energy firm Cairn India has become effective. "Vedanta Limited (Vedanta) and Cairn India Limited (Cairn India) today (Tuesday) announced that the merger of Cairn India with Vedanta pursuant to the Scheme of Arrangement has become effective," said both firms in a joint statement. "This merger consolidates Vedanta's position and the merged company will have a larger pro forma market cap of $15.6 billion and a higher free float of 49.9 per cent. Vedanta will have one of the strongest balance sheets in the Indian corporate sector," it said.

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