Wednesday, 16 September 2015

BSE, NSE Approve Vedanta-Cairn India Merger

Metals and mining conglomerate Vedanta Ltd on Tuesday said it has received go-ahead from both bourses BSE and NSE on the proposed merger of its oil and hydrocarbon arm Cairn India Ltd with itself.
 In a BSE filing, the Anil Agarwal-led firm said, “Vedanta Ltd and Cairn India have received No Objection from BSE and the National Stock Exchange of India vide their Observation Letters dated 10 September 2015 in relation to merger of Cairn India with Vedanta Ltd.”
 No objection letters have been issued by the stock exchanges after receiving comments from market regulator Securities and Exchange Board of India (Sebi), it added. In June, India’s largest private miner Vedanta Ltd had announced it will absorb oil firm Cairn India in a USD 2.3 billion all-share deal to create the country’s largest diversified natural resources firm. 
London-based Vedanta Resources plc had a debt of USD 7.7 billion as on 31 March 2015 while its Indian arm Vedanta Ltd had another USD 4.57 billion debt. 

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