Vedanta receives approval from BSE & NSE to initiate merger with Cairn

Q.  Vedanta has received approval from BSE and NSE to initiate its merger with which unit:
- Published on 16 Sep 15

a. Cairn India
b. Cairn Energy
c. Sterlite Industries
d. Vedanta Aluminum Ltd

ANSWER: Cairn India
 
Mining and metals company Vedanta Ltd has received approval for its proposed merger with oil and hydrocarbon unit Cairn India. It has received NOC for the same from BSE and NSE. NOCs are issued by the tock exchanges following comments from SEBI. In June 2015, Vedanta Ltd, India’s largest private miner announced its acquisition of Cairn India in a USD 2.3 billion all share deal. London based Vedanta Resources has a debt of USD 7.7 billion while its Indian arm has USD 4.57 billion in debt. Cairn India which is zero debt has a USD 2.85 billion cash reserve.

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