Cairn & Vedanta completes merger
The Global diversified natural resources company Vedanta Limited and Indian oil and gas exploration and production company, Cairn India have completed the merger process as on April 11, 2017.
The merger will form an entity with a market capitalisation of about USD 15.6 billion. Thursday 27 April 2017 has been fixed as the record date for determining the list of the shareholders of Cairn India to whom the equity and preference shares of Vedanta will be allotted as per terms of the scheme.
The shareholders of Cairn India will receive one equity share in Vedanta Limited having a face value of Rs 1 each for each equity share held.
Cairn India shareholders as on said Record Date, who will become shareholders of Vedanta, would also receive an interim dividend of Rs 17.70 per equity share as approved by the Board of Vedanta on 30 March 2017. No shares will be issued to Vedanta or any of its subsidiaries for their shareholding in Cairn India.