9 September 2016
Vedanta Resources plc
Update on Cairn India Limited and Vedanta Limited Merger
Vedanta Resources plc's subsidiary Vedanta Limited today made the below announcement.
Vedanta Limited Shareholders approve merger
of Cairn India Limited with Vedanta Limited
The equity shareholders, secured creditors and unsecured creditors of Vedanta Limited at their respective meetings have approved the Scheme of Arrangement of Cairn India Limited with Vedanta Limited, with requisite majority.
The outcome of the Court Convened Meetings of Vedanta Limited and outcome of the postal ballot is as under:
1. Court Convened Meeting of the Equity Shareholders, Secured and Unsecured Creditors of Vedanta Limited
Pursuant to the orders dated December18, 2015 and July 22, 2016 passed by the Hon'ble High Court of Bombay at Goa, the Court Convened Meeting of the equity shareholders, secured creditors and unsecured creditors of the Company was held at 10 a.m., 2 p.m. and 4 p.m. (IST) respectively on Thursday, September 8, 2016 at Hotel Mandovi, D.B. Marg, Panaji - 403 001 to seek their approval in the matter of the Scheme.
Of the members present and validly voting, 97.84% in number, representing 99.99% in value, voted in favour of the resolution approving the scheme. Further, secured creditors and unsecured creditors of the Company, at their respective meetings, have also approved the Scheme with requisite majority.
2. Postal Ballot seeking approval of the public shareholders for the Scheme and approval of the shareholders by way of special resolution for approval of capital reduction
The public shareholders of the Company have approved the Scheme with requisite majority, i.e. votes cast by the public shareholders in favour of the Scheme are more than the votes cast by the public shareholders against the Scheme.
The public shareholders of the company have casted 99.98% of votes (in value) in favour of the resolution. Thus, the scheme has been approved by a majority of the minority shareholders.
Further, the Company also sought the approval of the shareholders of the Company by way of a special resolution for reduction of capital of the Company. This resolution has also been approved by the shareholders who have casted 99.97% of votes (in value) in favour of the resolution.
The scheme is now subject to the approval of the jurisdictional High Courts, and other regulatory approvals.
For further information, please contact:
President- Group Communications, Sustainability and CSR
Tel: +91 22 6646 1000
Director - Investor Relations
Associate General Manager - Investor Relations
Manager - Investor Relations
Tel: +44 20 7251 3801
Tel: +91 22 6646 1531
About Vedanta Resources plc
Vedanta Resources plc ("Vedanta") is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland and Australia. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. For more information, please visit www.vedantaresources.com.
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.
This information is provided by RNS