Change in Directorate
The Board of Directors of the Company at their meeting held today, have considered and approved: 1.Re-appointment of Mr. Thomas Albanese, Whole-Time Director & Chief Executive Officer (DIN: 06853915) for a further period till August 31, 2017 subject to approval of Shareholders in the next General Meeting; 2.Appointment of Mr. K Venkataramanan (DIN: 00001647) as an Additional Director and Non-Executive Independent Director (Additional Director)... Outcome of Board Meeting
The Board of Directors of the Company have approved the second Interim Dividend of Rs.17.70 per equity share i.e. 1770 % on face value of Re.1/- per share for the Financial Year 2016-17. The record date for the purpose of payment of dividend is Wednesday, April 12, 2017. Further, the Board has also approved dividend of Rs.17.70 per equity share to shareholders of Cairn India Limited, who will become shareholders of the Company pursuant to the... Vedanta's chairman not eying Anglo American assets in South Africa
Agarwal also said he would be happy to help Anglo American move into India
Vedanta and Cairn India receive approvals for merger except for RBI nod
In separate regulatory filings, Vedanta (Sesa Sterlite) and Cairn India have said that they have received "all the required approvals" to combine Vedanta Limited and Cairn India Limited. One approval still pending is from the Reserve Bank of India, for the issue of redeemable preference shares to non-resident shareholders of Cairn. The merger is expected to boost stable clash flows and result in a stronger balance sheet, for the combined entity. The announcement comes during an upbeat time for both companies, both in terms of share price and expected outlook. Base metal prices have seen a strong recovery in the past few months, which propelled Vedanta's operating profits in the December quarter to its highest since March 2015, and quarterly operating margins crossed 30% for the first time in two years. Base metal prices are expected to stay buoyant in 2018, with zinc also rebounding strongly, which benefits the company's Hindustan Zinc subsidiary. The recovery of crude oil prices is good for Cairn, giving it enough capex to undertake exploration and expansion activities. It will also allow Cairn to boost the output for the company's Rajasthan block, extending the production horizon beyond 2020. The cash in hand will also enable Vedanta and Cairn to focus operationally on what it said has been a priority: plugging quality leakages in its plants, through the hiring of monitoring agencies that check the processes end to end. Analyst view: Both ICICI Securities and Motilal Oswal have been cautiously optimistic on VEDL prior to the merger progress, issuing Hold/Neutral calls. However analysts point out that capital allocation by Vedanta across its entities is still "inefficient". Despite HZL's surplus cash for example, the company has chosen to take on more debt for its expenses. Compliance Under The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulation, 2015 [Listing Regulations, 2015]
In terms of Regulation 30(6) of the Listing Regulation, 2015, please find below schedule of the Analyst / Institutional Investor meeting: Date: March 29-30, 2017 Details of Investors: Credit Suisse: 20th Annual Asian Investment Conference Type of Meeting: One-on-One/ Group Meeting Venue: Hong Kong Updates
The Company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Limited and Cairn India Limited, and their respective shareholders and creditors ('Scheme'), save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non-resident shareholders of Cairn India Limited. The Scheme will be made effective and record date for issue of the Company shares pursuant... Press Release
The Company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Limited and Cairn India Limited, and their respective shareholders and creditors ('Scheme'), save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non-resident shareholders of Cairn India Limited. The Scheme will be made effective and record date for issue of the Company shares pursuant... Board Meeting For Interim Dividend
Pursuant to Regulation 29 of Listing Regulations, Notice is hereby given that the meeting of the Board of Directors of the Company (the 'Board') will be held on Thursday, March 30, 2017, to consider and approve the Interim Dividend, if any, for the Financial Year 2016-17. In view of the NCLT order approving the merger Scheme, the Board will also consider payment of said Interim Dividend to the shareholders of Cairn India Limited, who will become... Good news on all fronts for Vedanta
Earnings to grow by 25 percent annually over FY17-19 on firm base metal outlook
Zinc is manna from heaven for Vedanta's Anil Agarwal
Hindustan Zinc, in which Anil Agarwal picked up a controlling stake 15 years ago from the Indian govt, announced a whopping $2.1 billion dividend on Thursday