Vedanta Resources PLC Cairn India approves merger with Vedanta Ltd (5958J)

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RNS Number : 5958J

Vedanta Resources PLC

12 September 2016

Vedanta Resources plc

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London W1J 8DZ

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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:

 
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  President - Group Communications,    Tel: [phone] 
  Sustainability 
  and CSR 
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 Investors 
 Ashwin Bajaj                         Tel: [phone] 
  Director - Investor Relations        Tel: [phone] 
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  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

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September 12, 2016 10:01 ET (14:01 GMT)