Apr 11, 2017 vedanta limited vedanta and cairn india limited cairn india today announced that the merger of cairn india with vedanta pursuant to the scheme of arrangement has become effective. Cairnvedanta merger faces big challenges cairn indias minority shareholders do not see the deal in their interest. Sep 12, 2016 navin agarwal, chairman of cairn india, said. The merger of cairn india with vedanta was never going to be easy. This merger consolidates vedanta s position as one of the worlds. I am pleased that the shareholders of cairn india have approved the merger of cairn india with vedanta limited. Days after billionaire anil agarwal announced that he would merge the energy company into its parent, stateowned life insurance corp lic, a minority shareholder of cairn india, raised its concern over the valuation for the merger and the debt of the merged entity. In july last year, vedanta had sweetened its merger proposal to win over minority shareholders like lic.
Vedanta completes cairn india acquisition business. Vedanta sweetens cairn merger deal with 1 the financial express. The merger will add zinc, copper, and aluminium in its portfolio. This merger consolidates vedanta s position as one of the worlds largest diversified natural resources companies, with worldclass, lowcost assets in metals and mining and oil and gas, a statement by the two firms said. Cairn will get exposure to well invested tier1 metals and mining assets of vedanta. Sudhir mathur, acting ceo of cairn india, said the merger with vedanta ltd will derisk cairn india by providing access to a portfolio of diversified tieri, low cost, longlife assets to deliver. The name of sesa sterlite was subsequently changed to vedanta limited in april 20157. Unable to quickly absorb its cashrich oil subsidiary cairn india, mining billionaire anil agarwals vedanta ltd today sweetened the merger deal by offering three additional preference shares. In 2015, sterlite industries and sesa goa announced their merger and finally merged into a single entity in august 2015. Sudhir mathur, cfo and acting ceo of cairn india, said. Cairn indias merger with vedanta may fall through business. Cairn india shareholders approve merger with vedanta the. Vedanta resources plcs 2021 notes are set for their biggest gain in more than three months after its indialisted mining subsidiary sweetened the terms of a merger with cairn india ltd.
Profit opportunities from vedanta and cairn india merger. Under this offer, cairn india shareholders will get one vedanta share and 4 redeemable preference shares for each share. Cairn india shareholders approve merger with vedanta. Uks cairn energy set to vote against vedantacairn india merger.
However, a tax demand on both cairn energy plc and cairn india under a retrospective legislation is now posing as a hurdle to the merger. The merger of cashrich oil producer cairn india into its debtridden parent vedanta ltd is now complete, the two firms announced today. Mining group vedanta resources today completed the long delayed acquisition of oil producer cairn india ltd, after 16 months of protracted wrangling over royalty payments. Anil agarwals vedanta group had in 2011 acquired cairn india from its british promoters, cairn energy plc, and last year proposed to merge the firm with vedanta ltd.
The shareholders of cairn india have approved the merger with vedanta limited, and i am confident that they will benefit from exposure to vedantas. Explore cairn vedanta merger profile at times of india for photos, videos and latest news of cairn vedanta merger. Vedanta resources plc vedantacairn merger effective. Cairn india shareholders today approved merger of the company with its parent vedanta ltd after lic and cairn energy plc of uk voted in favour of the sweetened merger ratio. Although vedanta group owns majority stake in cairn india, it needs the approval of a good number of voting public shareholders to see through the merger. Shares of the cashrich oil producer opened at rs 309 and touched an intraday. Mar 31, 2018 sudhir mathur, acting ceo of cairn india, said the merger with vedanta ltd will derisk cairn india by providing access to a portfolio of diversified tieri, low cost, longlife assets to deliver. We empower our people to drive excellence and innovation to create value for our stakeholders.
Jul 22, 2016 vedanta limited on friday announced a revised offer for cairn india merger. In its 201415 annual report, vedanta limited stated, vedanta operates across the value chain, undertaking exploration, asset development. The merger took place in august 20 and the consolidated group was then called sesa sterlite ltd now vedanta limited. Jul 22, 2016 unable to quickly absorb its cashrich oil subsidiary cairn india, mining billionaire anil agarwals vedanta ltd today sweetened the merger deal by offering three additional preference shares. Vedanta, the local arm of the lselisted vedanta resources said that cairn india has been merged with the company effective from tuesday. The merger of cashrich oil producer cairn india into its debtridden parent vedanta ltd has become operational starting tuesday. Anil agarwals vedanta ltd has concluded the merger of cairn india with itself. The approval took place after vedanta had to sweeten the initiallyproposed merger ratio of 1. In 2015, sterlite industries and sesa goa announced their merger and finally merged. Vedanta limited vedanta and cairn india limited cairn india today announced that the merger of cairn india with vedanta pursuant to the scheme of arrangement has become effective. The merger of cairn india with vedanta has been completed, the two companies controlled by billionaire anil agarwal, have said.
Vedanta limited on friday announced a revised offer for cairn india merger. Shares of cairn india and vedanta hogged limelight in early trade on tuesday after they announced that the merger of former into its debtridden parent vedanta has become effective. In a statement the company announced the effective merger of the two companies on tuesday. Vedantacairn india merger plan comes under flak the hindu. Vedanta resources bonds rise after cairn merger deal. Apr 11, 2017 vedanta completes cairn merger energy press trust of india updated. The company has fixed april 27 as the record date for determining the list of the shareholders of cairn india to whom the equity and preference shares of vedanta ltd earlier known as sesa sterlite. Jun 15, 2015 5 important things about the vedanta cairn merger 1 merger ratio. Cairn india merges with vedanta the economic times. The company has fixed april 27 as the record date for. This merger consolidates vedantas position as one of the worlds. Shareholders of cairn india limited approved the merger with vedanta. Apr 12, 2016 anil agarwals vedanta group had in 2011 acquired cairn india from its british promoters, cairn energy plc, and last year proposed to merge the firm with vedanta ltd.
Jul 25, 2016 vedanta resources plcs 2021 notes are set for their biggest gain in more than three months after its indialisted mining subsidiary sweetened the terms of a merger with cairn india ltd. The two companies announced plans of the merger in june 2016, which would give the metals and mining company vedanta access to the cash of cairn india, helping it cut debt. Cairn india advanced as much as 3 per cent in early trade. Cairn india merger with vedanta only after share release. But upon consolidation, this intercompany transaction gets eliminated. Explore cairn vedanta merger profile at times of india for photos, videos and latest news of cairn vedanta. Vedanta is a globally diversified natural resources company with low cost operations. Vedanta limited shareholders approve merger of cairn india. After the merger, vedanta resources will have four subsidiaries, down from nine in 2011.
For vedanta, the merger will simplify the group structure, derisk earnings volatility and allow flexibility to allocate capital. Vedanta, cairn set to merge business standard news. Under this offer, cairn india shareholders will get one vedanta share and 4 redeemable preference shares for. Apr 11, 2017 the merger with vedanta ltd will derisk cairn india by providing access to a portfolio of diversified tieri, low cost, longlife assets, to deliver significant near term growth, while retaining. The merger with vedanta ltd will derisk cairn india by providing access to a portfolio of diversified tieri, low cost, longlife assets, to deliver significant near term growth, while retaining. At the time of the merger talks, cairn had cash and cash equivalents of about rs 25,000 crore, while vedanta had about rs 78,000 crore of debt. Vedanta sets record dividend payout as cairn india merger. The intercompany debt has been duly considered while arriving at the valuation of both cairn and vedanta and this is getting adequately reflected in the swap ratio, said jalan. Vedanta ltd today said it has received all approvals for its merger with cairn india barring the rbi nod for issuing redeemable preference shares to the nonresident shareholders of the oil producer. Vedanta completes cairn merger companies news zee news. Vedantacairn merger effective company announcement. Vedanta completes cairn merger energy press trust of india updated.
118 249 942 891 1595 748 224 142 959 308 988 997 879 1438 406 1578 1307 60 418 877 480 385 1321 881 1055 609 1232 152 450 892 1350 1465 409 1118 1090 1392 146 445 602