Vedanta receives all approvals for Cairn merger except RBI nod
28 March 2017
Vedanta Ltd today said it has received all approvals for its merger with Cairn India barring the Reserve bank of India's approval for its proposed issue of redeemable preference shares to the non-resident shareholders of Cairn India.
''The Company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Limited and Cairn India Limited, and their respective shareholders and creditors, save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non-resident shareholders of Cairn India Limited,'' Vedanta stated in a release.
''The scheme will be made effective and record date for issue of the company shares pursuant to the Scheme, would be set upon receipt of the said approval of Reserve Bank of India,'' it added.
Vedanta had said yesterday that its board will consider this week payment of interim dividend to the shareholders of Cairn India following the merger of the oil firm with itself.
''In view of the National Company Law Tribunal (NCLT) order approving the merger scheme, the board will also consider payment of said interim dividend to the shareholders of Cairn India Ltd, who will become shareholders of the company pursuant to the Scheme of Arrangement between Cairn India Ltd and the company,'' Vedanta Ltd said in a BSE filing.
The board will also consider interim dividend for the ongoing fiscal.
''The meeting of the board of directors of the company will be held on Thursday, March 30, 2017, to consider and approve the interim dividend, if any, for the financial year 2016-17,'' it had said.
London-lister Vedanta Resources plc is a diversified global natural resources company engaged in the production of various minerals and metals such as aluminium, copper, zinc, lead, silver, iron ore, oil and gas and commercial energy.
With operations in India, Zambia, Namibia, South Africa, Ireland, Liberia and Australia, Vedanta said there are still uncertainties that arise from the behaviour of financial and metals markets, including the London Metal Exchange, fluctuations in interest and / or exchange rates and metal prices as also from future integration of acquired businesses and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.