Source - RNS
RNS Number : 5958J
Vedanta Resources PLC
12 September 2016
 

                                                                                                                     

Vedanta Resources plc

16 Berkeley Street

London W1J 8DZ

Tel: +44 (0) 20 7499 5900

Fax: +44 (0) 20 7491 8440

www.vedantaresources.com  

12 September 2016

 Vedanta Resources plc

Cairn India shareholders approve merger of Cairn India Limited with Vedanta Limited

The equity shareholders of Cairn India Limited have today approved the Scheme of Arrangement of Cairn India Limited with Vedanta Limited. We had announced the Vedanta Resources shareholder approval for the scheme on 6th September 2016, and the Vedanta Limited shareholder approval for the scheme on 9th September 2016.

Anil Agarwal, Chairman of Vedanta Resources plc, said: "The Vedanta Limited - Cairn India merger has been approved by a significant majority by all sets of shareholders, and I am confident that the simplified corporate structure will better align interests between all shareholders for the creation of long-term, sustainable value.

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 Vedanta Limited and Cairn India:

Vedanta Limited

Shareholders approve merger of Cairn India Limited with Vedanta Limited

 

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

Finsbury

Roma Balwani

President - Group Communications, Sustainability

and CSR

Tel: +91 22 6646 1000

[email protected]

 

Daniela Fleischmann

Tel:  +44 20 7251 3801

Investors

 

Ashwin Bajaj

Director - Investor Relations

 

Radhika Arora

Associate General Manager - Investor Relations

 

Ravindra Bhandari

Manager - Investor Relations

Tel: +44 20 7659 4732

Tel:  +91 22 6646 1531

[email protected]

About Vedanta Resources

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, Liberia 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.

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.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEADNAFSPKEFF

Related Charts

Vedanta Resources (VED)

+20.00p (+2.01%)
delayed 18:15PM