Cairn India shareholders approve merger with Vedanta
The Bombay High Court had passed an order in July asking the company to have a meeting of equity shareholders with regards to the decision to merge Cairn India with Vedanta.

The shareholders of Cairn India have approved the merger between the company and Vedanta. A majority of shareholders of the company voted in favour of the merger during a court convened meeting held on Monday.
“Of the members present and validly voting, 65.41% in number, representing 92.86% in value, voted in favour of the resolution approving the scheme,” said in a filing to BSE.
The Bombay High Court had passed an order in July asking the company to have a meeting of equity shareholders with regards to the decision to merge Cairn India with Vedanta.
“The scheme has also been approved by a majority of the minority shareholders. The public shareholders of the company have casted 72.43% of votes (in value) in favour of the resolution,” said the company.
Navin Agarwal, Chairman of Cairn India said, “I am pleased that the shareholders of Cairn India have approved the merger of Cairn India with Vedanta Limited. We are confident that the financial strength and diversified portfolio of Tier‐I assets of the merged company, with strong growth potential, will provide de‐risked earnings and stable cash flows and drive long‐term value.”
The Scheme is now subject to the approval of the jurisdictional High Courts and other regulatory approvals and is expected to be effective by the end of this financial year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

Retirement Planning: How one-time investment of Rs 11,00,000 can create a Rs 3,30,00,000 retirement corpus

Monthly Pension Calculations: Is your basic pension Rs 25,000, Rs 45,000, or Rs 55,000? Know what can be your total pension as per latest DR rates

SBI Senior Citizen FD Rates: Want to invest Rs 3,00,000 in SBI FD? You can get this much maturity amount in 1 year, 3 years, and 5 years

Top 7 Flexi Cap Mutual Funds With Highest Returns in 1 Year: Rs 1,50,000 one-time investment in No. 1 fund is now worth Rs 1,78,740; know how others have fared

9 Stocks to Buy for Short Term: Analysts recommend largecap, midcap stocks for 2 weeks; IndusInd Bank, Coforge, MOFSL on the list

SBI 5-Year FD vs SCSS: Which investment option can offer better returns with quarterly payments on Rs 6,00,000?

UPS vs NPS vs OPS: Last-drawn basic salary Rs 80,000; pensionable service 25 years; what can be your monthly pension in each scheme
07:44 PM IST