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United Spirits, Cairn to move out from Sensex Next 50 index

Petronet LNG and Havells India will be included in the index in their place

Press Trust of India  |  New Delhi 

United Spirits, Cairn to move out from Sensex Next 50 index

and India will be dropped from the BSE's Next 50 index from April 26.

and will be included in the index in their place, BSE said in a circular.

Next 50 index measures the performance of the subsequent 50 largest index-eligible stocks outside the BSE 50.

The exchange said that has been dropped from the index as it no longer meets the index eligibility criteria.

Further, India would move out from the index due to suspension of trading in its shares from April 26 as the cash-rich oil producer has merged into its debt-ridden parent Vedanta.

Apart from Next 50 index, India would be dropped from indices including energy and infrastructure.

Last week, the exchange said it would discontinue equity as well as equity derivative trading in the security of India from April 26.

Under the merger deal, shareholders of India will get one equity share of Vedanta and four redeemable preference shares of face value Rs 10 and coupon 7.5 per cent.

Further, India shareholders, as on record date, who will become shareholders of Vedanta, would also receive an interim dividend of Rs 17.70 per equity share. The record date for the share swap has been set as April 27.

Earlier this month, and Vedanta had announced the completion of the merger. The merger would help the metals and mining company Vedanta access to the cash of India, helping it cut debt.

First Published: Thu, April 20 2017. 21:17 IST