Shares of Vedanta Ltd and Cairn India rose by up to 4 per cent in intraday trade Wednesday after the shareholders of mining conglomerate Vedanta Resources approved merger of the two group firms.
However, Cairn India was trading flat on the bourses.
Vedanta Ltd’s scrip gained 3.79 per cent to Rs 180.70 on BSE.
Shares of Cairn India too rose by 3 per cent to Rs 209.20. However, later the scrip was down 0.12 per cent to trade at Rs 202.80 in the afternoon session.
Vedanta Resources Tuesday said its shareholders have approved the merger of group firms Vedanta Ltd and Cairn India.
The development brings the firm led by billionaire Anil Agarwal a step closer to salvage merger of the cash-rich oil firm with its debt-laden parent Vedanta Ltd.
However, the real test for Agarwal is on September 12, when Cairn India has called a shareholders’ meeting to seek approval for the company’s takeover by its parent under a revised all-share deal.
That apart, Vedanta Ltd will also hold a meeting of its shareholders, secured and unsecured creditors on September 8 to seek their approval for the merger of Cairn India.