Cairn-Vedanta merger gets all approvals except from RBI
By Team Legistify / 2017-03-30

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Natural resources major Vedanta said on Tuesday it has received all approvals for its merger with subsidiary energy firm Cairn India, except the Reserve Bank of India's (RBI) permission for issuing redeemable preference shares to the non-resident shareholders of Cairn.

"The company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta and Cairn India, and their respective shareholders and creditors (Scheme) save and except the approval of the RBI for issuance of redeemable preference shares to the non-resident shareholders of Cairn India," a Vedanta and Cairn India joint statement said.

"The Scheme will be made effective upon receipt of the said approval of the RBI," it said.

Vedanta said on Monday that its board will meet on March 30 to consider payment of interim dividend to shareholders of Cairn India following the merger of the oil and gas major with itself.

"In view of the National Company Law Tribunal order approving the merger scheme, the board will also consider payment of said interim dividend to the shareholders of Cairn India, who will become shareholders of the company pursuant to the Scheme of Arrangement between Cairn India Ltd and the company," Vedanta said in a stock exchange filing.

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