Indian arm of the LSE-listed Vedanta Resources, said that Cairn India has been merged with the company. The merger boosted Vedanta's revenues to $9.7 billion and its market value to $15.6 billion. The company also said that it has fixed April 27 as the record date for determining the list of Cairn India shareholders to whom equity and preference shares will be allotted under the arrangement.Cairn India shareholders will get one equity share of Vedanta and also four redeemable preference shares, carrying a coupon of 7.5 per cent. This is the new scheme of arrangement after some shareholders had raised concerns over valuations. When the deal was announced in June 2015, shareholders were to get an equity and a preference share. Cairn India shareholders, as a part of the deal, will also receive an interim dividend of Rs 17.70 per share. 'No shares will be issued to Vedanta or any of its subsidiaries for their shareholding in Cairn India,” the company said. Though Cairn India as a legal entity ceased to exist, Vedanta said it would preserve the Cairn brand for the oil & gas production business. It will fuel the growth for the diversified natural resources group as India becomes the growth engine for the world economy. The merger, which was announced nearly two years ago, was stuck due to several factors such as getting regulatory approvals, tax issues and minority shareholders expressing displeasure over valuations.
