A PYMNTS Company

India: A better merger offer for Cairn

By  |  July 24, 2016

Vedanta Resources announced a better offer on July 22 for the proposed merger deal of its Indian-listed subsidiary, Vedanta Limited with Cairn India.

According to Vedanta’s press release, the group will now offer one equity share and four redeemable preference shares of Vedanta Limited for each share in Cairn.

If the deal goes through, it would benefit Vedanta as it would get access to Cairn India’s cash stock pile which stands at more than $3 billion.

The deal is now subject to investor approval in both Cairn India and Vedanta Limited. Among the investors is the Life Insurance Corporation of India (LIC), a state-owned insurance and investment company, which owns about 10% in Cairn India.

Full Content: International Business Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.