TIDMVED
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 6(th) September 2016, and the Vedanta
Limited shareholder approval for the scheme on 9(th) 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 9(th) 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 Daniela Fleischmann
President - Group Communications, Tel: +44 20 7251 3801
Sustainability
and CSR
Tel: +91 22 6646 1000
gc@vedanta.co.in
Investors
Ashwin Bajaj Tel: +44 20 7659 4732
Director - Investor Relations Tel: +91 22 6646 1531
ir@vedanta.co.in
Radhika Arora
Associate General Manager
- Investor Relations
Ravindra Bhandari
Manager - Investor Relations
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
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