Vedanta Share Price hit Fresh 52-Week High

Vedanta share price jumped over 3.5 per cent today to hit a fresh 52-week high of Rs.180.80. However, shares of Vedanta group company Cairn India slumped close to one per cent to hit intraday low of Rs.201.30.

On Tuesday, mining and metal conglomerate Vedanta Resources said that its shareholders had approved the merger of its group firms Cairn India and Vedanta Limited. Controlled by billionaire Anil Agarwal, London-listed Vedanta Resources is the parent of Vedanta Limited. A merger between Cairn India and Vedanta Limited would give birth to a metal and energy giant, with activities expanding from oil to metals.

Meanwhile, Vedanta share price was trading 3.55 per cent higher on NSE today. The stock opened at Rs.178.20 from a previous closing of Rs.174.60. On the other hand, Cairn India share price was trading 1.03 per cent lower. The scrip opened at Rs.208.40 from a previous closing of Rs.203.00.

Earlier in July this year, Vedanta had offered to bettering the terms for taking control over subsidiary Cairn India, after opposition from some of the minority shareholders. Under the novel offer, Vedanta India will give one share and 4 redeemable preference shares for each share in the subsidiary, Cairn India. Earlier, it had offered one share and one redeemable preference share for each Cairn share.

The deal, which shall give debt-ridden Vedanta, access to oil and gas explorer Cairn India's 3.5 billion-dollar cash pile, has faced opposition from a few but big minority shareholders.

Meanwhile, Cairn India has called a meeting of shareholders on 12^th September to consider the revised offer while Vedanta shall be carrying out a meeting of its shareholders and creditors on 8^th September to get their approval for the merger.For more information on the share, please visit Vedanta share price history, where you shall also get to know more about its financials and fundamentals.