Shareholders of both Vedanta and Cairn India had in separate meetings held last year approved the merger.
Under the merger scheme, a Cairn India shareholder will get one Vedanta equity share and 7.5 preference shares for every Cairn India share.
State-run Life Insurance Corp. (LIC), as the single-largest domestic minority shareholder, owns 9.06 per cent in Cairn India and 3.9 per cent stake in Vedanta.
The Anil Agarwal led-Vedanta received approvals in September 2016 from both the Bombay Stock Exchange (BSE) and the NSE on the company's proposal to merge with Cairn India.
Merging Cairn India with itself would provide Vedanta access to the oil explorer's cash and help reduce its debt burden. Vedanta took majority control of Cairn India for $8.67 billion in 2011 and holds 59.9 per cent in it through its various units.
News Source - Business Standard