Update on Scheme of Arrangement between Cairn India and Vedanta

Scheme becomes effective on 11 April 2017

Cairn India and Vedanta announced on 11 April 2017 that the merger of Cairn India with Vedanta pursuant to the Scheme of Arrangement has become effective.

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. Shareholders of Cairn India will receive for each equity share held:

-1 (One) equity share in Vedanta of face value Rs 1 each
- 4 (Four) 7.5% Redeemable Preference Share in Vedanta with a face value of Rs 10 each

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.

Vedanta will arrange for a third-party facility enabling a cash exit for RPS holders at par within 30 days from issuance.

Powered by Capital Market - Live News