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Shares of Vedanta are trading higher by 1% at Rs 187 on the BSE in an otherwise weak market on reports stating that the company is set to make an official announcement on Sunday regarding its merger with wholly owned subsidiary Cairn India. CLICK FOR FULL REPORT
According to Business Standard, the official merger announcement will occur in Mumbai on Sunday, June 14.
Meanwhile, Vedanta informed the London Stock Exchange that it would maintain its London listing if such a transaction took place. “Should a transaction with Cairn India Ltd proceed, it could potentially be considered a reverse takeover,” Vedanta said in the statement.
“In addition, in line with the stated strategy to continue to simplify its structure, the group continues to evaluate a transaction with the Government of India in relation to its minority stakes in Hindustan Zinc and Bharat Aluminium Company,” it added, referring to two other subsidiaries in which the government holds large stakes.
Vedanta opened at Rs 185.50 and touched a high of 190 on the BSE. Meanwhile, Cairn India has slipped nearly 2% and is currently quoting at Rs 182.
