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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Cairn India Limited    CAIRN   INE910H01017

End-of-day quote. End-of-day quote  - 09/26
194.6 INR   -1.07%
09/13 CAIRN INDIA : shareholders approve merger with Vedanta
09/12DJCairn India Shareholders Back Tie-Up With Vedanta-Update
09/12DJCairn India Shareholders Back Tie-Up With Vedanta
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Cairn India : shareholders approve merger with Vedanta

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09/13/2016 | 08:59am CEST

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.

(c) 2016India Infoline Ltd. All rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( INR)
Sales 2017 94 290 M
EBIT 2017 18 653 M
Net income 2017 18 133 M
Finance 2017 148 092 M
Yield 2017 1,68%
P/E ratio 2017 20,24
P/E ratio 2018 15,90
EV / Sales 2017 2,34x
EV / Sales 2018 1,83x
Capitalization 368 879 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 187  INR
Spread / Average Target -5,1%
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Managers
NameTitle
Sudhir Mathur Chief Executive & Financial Officer
Navin Kumar Agarwal Chairman
Aman Som Mehta Independent Non-Executive Director
Omkar Mihir Goswami Independent Non-Executive Director
Edward T. Story Independent Non-Executive Director
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