<article>Shareholders of Anil Agarwal-controlled Vedanta Ltd have approved the scheme of merger between the company and Cairn India Ltd.</article>

Shareholders of Anil Agarwal-controlled Vedanta Ltd have approved the scheme of merger between the company and Cairn India Ltd.
“The public shareholders of the company have cast 99.98% of votes (in value) in favour of the resolution,” Vedanta said in a press statement. “Thus, the scheme has been approved by a majority of the minority shareholders. The scheme is now subject to the approval of the jurisdictional high courts, and other regulatory approvals.”
Equity shareholders, secured creditors and unsecured creditors of Vedanta, at their respective meetings, also approved the merger scheme with the requisite majority, according to Vedanta.
For the merger to be complete, Cairn India shareholders need to vote in favour of the deal. Cairn India shareholders will meet on 12 September to take a call on the merger. The merger requires approval from at least 51% of Cairn India’s minority shareholders.
On Friday, Mint <a href="http://www.livemint.com/Companies/C7mFwSXT5OgOkxAT0tdzVP/CairnVedanta-merger-gets-LIC-backing.html" target="_blank">reported</a> that Life Insurance Corp. of India (LIC), which holds 9.6% stake in Cairn India, will vote in favour of the proposed merger of Vedanta and Cairn India. The support of LIC is crucial for the merger to go through.
The state-owned insurer’s decision comes after Vedanta sweetened an earlier offer for Cairn India’s shareholders to salvage the merger that would give Vedanta access to Cairn India’s $3.5 billion cash pile. The cash will potentially help Vedanta repay debt and reduce interest costs.
On 22 July, Vedanta offered Cairn India shareholders one equity share and four redeemable preference shares in the metals and mining company, sweetening the terms after minority shareholders such as LIC opposed the earlier offer of one equity share and one redeemable preference share, made on 14 June 2015.
<h4>This article was first published on <a href="http://www.livemint.com/Companies/TB0yar35fM90ZDIjGOdMuO/Vedanta-shareholders-approve-merger-plan-with-Cairn-India.html">Livemint.com</a></h4>

Shareholders of Anil Agarwal-controlled Vedanta Ltd have approved the scheme of merger between the company and Cairn India Ltd.

Vedanta shareholders approve merger plan with Cairn India

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Vedanta shareholders approve merger plan with Cairn India

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