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In early trade on Monday, the shares of Cairn India jumped 1.58% to Rs 183.60, a day after the announcement of Vedanta’s merger with its subsidiary Cairn India for a larger natural resource play.
“The merger of Cairn India and Vedanta consolidates our position as India’s leading diversified natural resources champion, uniquely positioned to support India’s economic growth,” said chairman, Anil Agarwal, Vedanta Plc, in a filing to the Bombay Stock Exchange.
Cairn India CEO Mayank Ashar said, “The merger with Vedanta will generate additional value for our shareholders and de-risks Cairn India by providing access to a portfolio of diversified Tier-I, low cost, long-life assets, to deliver significant near term growth.”
