MUMBAI, India, Sept. 12, 2016 /PRNewswire/ -- The equity
shareholders of Cairn India Limited have today approved the Scheme
of Arrangement of Cairn India Limited with Vedanta Limited with
requisite majority. We announced the Vedanta Limited shareholder
approval of the scheme on 9th September 2016.
Tom Albanese, CEO of Vedanta
Limited, said: "The approval for the Vedanta Limited and Cairn
India merger by both sets of shareholders consolidates our
portfolio of attractive, Tier-I assets and simplifies the group
structure. We remain committed to delivering superior value for the
shareholders of the merged company through our diversified
portfolio of world-class, low cost, long-life assets that have
significant growth potential."
The Scheme is now subject to the approval of the jurisdictional
High Courts and other regulatory approvals and is expected to be
effective by the end of this financial year.
The below announcement was made by Cairn India.
Cairn India Limited
Shareholders approve merger of Cairn India Limited with
Vedanta Limited
The equity shareholders of Cairn India Limited have approved the
Scheme of Arrangement of Cairn India Limited with Vedanta Limited
("Scheme"), with requisite majority.
The outcome of the Court Convened Meetings and of the postal
ballot is as under:
1. Court Convened
Meeting of the Equity Shareholders of Cairn India Limited
Pursuant to the orders dated 22 January
2016, 23 March 2016, and
22 July 2016 passed by the Hon'ble
High Court of Bombay at
Mumbai, the Court Convened Meeting
of the equity shareholders, was held at 10.30 a.m. (IST) respectively on Monday,
12 September 2016 at Rangsharda
Auditorium, K.C. Marg, Bandra
Reclamation, Bandra (West), Mumbai
– 400050 to seek their approval in the matter of the
Scheme.
Of the members present and validly voting, 65.41% in number,
representing 92.86% in value, voted in favour of the resolution
approving the scheme.
2. Postal Ballot seeking
approval of the public shareholders for the Scheme
The scheme has also been approved by a majority of the minority
shareholders. The public shareholders of the company representing
72.43% of votes in value, have voted in favour of the
resolution.
Navin Agarwal, Chairman of Cairn
India, said: "I am pleased that the shareholders of Cairn India
have approved the merger of Cairn India with Vedanta Limited. We
are confident that the financial strength and diversified portfolio
of Tier-I assets of the merged company, with strong growth
potential, will provide de-risked earnings and stable cash flows
and drive long-term value."
Sudhir Mathur, CFO and Acting CEO
of Cairn India, said: "The shareholders of Cairn India have
approved the merger with Vedanta Limited, and I am confident that
they will benefit from exposure to Vedanta's diversified portfolio
of assets while retaining the upside from Cairn's strong oil &
gas assets."
The Scheme is now subject to the approval of the jurisdictional
High Courts and other regulatory approvals and is expected to be
effective by the end of this financial year.
For further information, please contact:
Communications
Roma
Balwani
President – Group
Communications, Sustainability& CSR
|
Tel: +91 22 6646
1000
gc@vedanta.co.in
|
|
|
Investor
Relations
Ashwin
Bajaj
Director – Investor
Relations
Vishesh
Pachnanda
|
Tel: +91 22 6646
1531
vedantaltd.ir@vedanta.co.in
|
Manager –
Investor Relations
|
|
|
|
Sunila
Martis
|
|
Manager – Investor
Relations
|
|
About Vedanta Limited (Formerly SesaSterlite Ltd.)
Vedanta Limited is a diversified natural resources company,
whose business primarily involves producing oil & gas, zinc -
lead - silver, copper, iron ore, aluminium and commercial power.
The company has a presence across India, South
Africa, Namibia,
Australia and Ireland.
Vedanta Limited is the Indian subsidiary of Vedanta Resources
Plc, a London-listed company.
Governance and Sustainable Development are at the core of Vedanta's
strategy, with a strong focus on health, safety and environment and
on enhancing the lives of local communities. The company is
conferred with the Confederation of Indian Industry (CII)
'Sustainable Plus Platinum label', ranking among the top 10 most
sustainable companies in India. To
access the Vedanta Sustainable Development Report 2016, please
visit
http://sustainabledevelopment.vedantaresources.com/content/dam/vedanta/corporate/documents/Otherdocuments/SDreport2015-16/Vedanta%20SDR%20FY%2015-16.pdf
Vedanta Limited is listed on the Bombay Stock Exchange and the
National Stock Exchange in India
and has ADRs listed on the New York Stock Exchange.
For more information please visit www.vedantalimited.com
Vedanta Limited
(Formerly known as SesaSterlite
Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
www.vedantalimited.com
Registered Office:
SesaGhor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
Disclaimer
This press release contains "forward-looking statements" – that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward–looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; 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.
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