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.
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