press trust of india, New Delhi, June 13: Cairn India Saturday said its board of directors will meet Sunday to deliberate on the proposed merger with Vedanta Ltd.
In a BSE filing Cairn India said, “A meeting of Board of Directors of the company will be held on June 14, 2015, inter alia, to consider and evaluate amalgamation of the company with Vedanta Limited.”
Meanwhile, as per sources, boards of Cairn India and Vedanta Ltd at a meeting Sunday will consider ‘reverse’ merger aimed at cutting debt on Vedanta books as well as the share swap ratio and decide on the timelines for completion of the merger. Vedanta in 2011 acquired majority control of Cairn India for USD 8.67 billion.
As a prelude to the merger, Vedanta had this month bought some of the shares held by Agarwal’s Twin Star Mauritius Holdings to raise its stake in Cairn India to 23.71 per cent from 18.73 per cent.
