Cairn India and Vedanta gets all required approvals except RBI nod

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NEW DELHI: Cairn India and Vedanta have received all the required approvals for their merger, except the Reserve Bank’s nod for issue of preference shares, accelerating the process of combining the two companies controlled by mining baron Anil Agarwal.

“The Company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Limited and Cairn India Limited, and their respective shareholders and creditors (‘Scheme’), save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non-resident shareholders of Cairn India Limited,” the two companies said in separate regulatory filings.

“The Scheme will be made effective and record date for issue of the Company shares pursuant to the Scheme, would be set upon receipt of the said approval of Reserve Bank of India.”

Shareholders approved the merger last year and the National Company Law Tribunal (NCLT) did so last week.