Wed, Jun 28, 2017 | updated 04:29 PM IST

Cairn India, Vedanta merger sealed with revised terms

Updated: Jul 24, 2016 14:43 IST      
Cairn India, Vedanta merger sealed with revised terms

New Delhi, July 24 (ANI): The Boards of Vedanta Limited and Cairn India announced approval of the revised and final terms for the merger.

"The Boards of Vedanta Limited and Cairn India have approved revised and final terms for the Transaction, taking into account prevailing market conditions and having regard to underlying commercial factors," a company release stated.

Pursuant to the revised and final terms, each Cairn India minority shareholder will receive for each equity share held, one equity share in Vedanta and four redeemable preference shares with a face value of Rs. 10 in Vedanta.

This translates to implied premium of 20 percent to one month volume-weighted average price (VWAP) of Cairn India share price.

The merger plans were stalled after the income-tax department froze Cairn Energy's 9.5 percent stake in Cairn India.

In 2011, Cairn Energy sold 58.5 percent of Cairn India to Vedanta, for USD 8.67 billion.

However, Vedanta holds 59.88 percent in Cairn India and LIC owns 9.06 percent in Cairn India with 3.9 percent stake in Vedanta. (ANI)

Fin Min to setup special cell for smooth GST roll-out

Updated: Jun 28, 2017 16:29 IST     

New Delhi [India], June 28 (ANI): To brace the successful roll out of the Goods and Services Tax (GST), the Finance Ministry on Wednesday announced setting up of a special cell in the North Block of the Parliament dedicated entirely for the uniform indirect tax system, which will subsume various central, state and local indirect taxes and levies.

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New Delhi [India], June 28 (ANI): India's leading e-commerce giant, Amazon.in today announced the setting up of 16 'GST Cafes' across 11 cities to help sellers understand the nuances of GST and transition seamlessly through the entire process. In line with Amazon.in's continuous efforts to enable its sellers be GST-compliant, these cafes, available from June 26th, 2017 will be available for a duration of two weeks to train and empower sellers on the implications of the new GST tax.

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New Delhi [India], June 28 (ANI-NewsVoir): Aeries Financial Technologies Pvt. Ltd., a fin-tech company promoted by serial entrepreneur and private equity investor V. Raman Kumar, today announced that CASHe, India's fastest growing loan giving app for young salaried professionals has reached a phenomenal milestone of disbursing loans worth Rs. 100 crore to over 25,000 of its loyal customers.

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New Delhi [India], June 28 (ANI): SAIC Motor Corporation Ltd. on Wednesday announced its plan to enter the Indian automobile market through a fully-owned car manufacturing facility in the country.

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New Delhi [India], June 28 (ANI): Macmillan Education, one of the world's leading publishers of English Language teaching and school curriculum materials, has today launched the ICAS programme for the Indian subcontinent. Currently 14,500 schools in over 20 countries participate in ICAS and over 8.9 million students are being assessed under ICAS globally.

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New Delhi [India], June 28 (ANI): As businesses across the country gear up for the GST (Goods and Services Tax) rollout on July 1, ClearTax, India's largest income tax returns e-filing and enterprise compliance service provider, is gearing up to release its GST e-learning course in 20 regional languages including Kannada, Telugu, Tamil, Marathi, Gujarati, Bengali, etc.

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New Delhi [India], June 28 (ANI-NewsVoir): In an endeavor to ease out the immediate fund requirements of entrepreneurs, who are starved of institutional credit, Cash Suvidha is increasingly becoming a popular platform for hassle free unsecured loans.

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New Delhi [India], June 28 (ANI): Rajasthan's fastest growing NBFC licensed by RBI, Finova Capital has announced on-boarding Rahul Sahney and Anurag Agrawal as Chief Operation Officer and head of Credit and Operations at Finova Capital.

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New Delhi [India], June 28 (ANI): Always ahead of the innovation curve, Rubique has yet again demonstrated its focus on making financial solutions accessible to as many users as possible. The one-stop online marketplace providing technology enabled end-to-end solutions to financing needs of individuals and SMEs has just localised its Rubique Associate app.

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New Delhi [India], June 28 (ANI-NewsVoir): HDFC ERGO General Insurance Company, India's third largest non-life insurance provider in the private sector and Utkarsh Small Finance Bank on Tuesday signed a corporate agency agreement for the distribution of general insurance products through the bank's network of branches across the country.

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Tapp Me's on demand service model in expansion mode

Updated: Jun 27, 2017 18:44 IST     

New Delhi [India], June 27 (ANI-Newsvoir): Tapp Me, a Gurugram-based start-up offering hassle-free day-to-day repair and maintenance services for homes and offices, has taken an initiative of creating job opportunities for local technicians in the emerging smart cities of India. After an extensive market research, a model has been developed providing these local technicians regular earnings by working on a profit sharing basis with Tapp Me.

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i2iFunding emerges as first P2P lending player

Updated: Jun 27, 2017 18:38 IST     

New Delhi [India], June 27 (ANI-Newsvoir): The Indian P2P lending industry is in the nascent stage of development.

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Mumbai [India], June 27 (ANI-Newsvoir): Pushpanjali Realms and Infratech Limited, which is engaged in real estate development in Dehradun, Uttarakhand, is entering the capital market with its initial public offering. The issue, which will open on June 27, 2017 and will close on June 30, 2017.

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New Delhi [India], June 27 (ANI): The Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed Finance Ministry's decision to delay the enforcement of tax collection and tax deduction at source under the Goods and Services Tax (GST).

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Adda52 announces release of Adda52 Rummy for Android

Updated: Jun 27, 2017 16:36 IST     

New Delhi [India], June 27 (ANI-BusinessWire India): Adda52 Rummy on Tuesday announced the launch of its highly anticipated mobile app, Adda52 Rummy for Android versions 4.4 ("KitKat") and above.

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SAP India, Govt to empower MSMEs with next-gen technology

Updated: Jun 27, 2017 16:31 IST     

New Delhi [India] June 27 (ANI): Commemorating International day for MSMEs, SAP India on Tuesday signed a Memorandum of Understanding (MoU) with the Ministry of Micro, Small and Medium Enterprises to jointly launch Bharat ERP - an exclusive programme to empower MSMEs with next-gen technology to fuel their digital journey.

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New Delhi [India], June 27 (ANI): The Reserve Bank of India (RBI) on Tuesday issued an advisory letter to banks asking them to incorporate additional provisioning on the 12 loan accounts to be referred to the NCLT (National Company Law Tribunal) under the Insolvency and Bankruptcy Code (IBC), reports Moneycontrol.

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Vishal Sinha appointed as CEO, CWT India

Updated: Jun 27, 2017 15:13 IST     

New Delhi [India], June 27 (ANI): Carlson Wagonlit Travel (CWT) on Tuesday appointed Vishal Sinha as the new CEO of CWT India, and will be based in the firm's head office in Gurgaon.

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New Delhi [India], June 27 (ANI-BusinessWire India): With the recent increase in student intake by almost all the colleges, an unusual trend has been observed by CollegeDunia, one of the largest college aggregator portals that colleges with better reviews on their portal are witnessing an increase in their application rates while those with poor reviews are actually facing scrutiny in terms of admission trends.

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Unicommerce Solutions are now GST-ready

Updated: Jun 27, 2017 14:27 IST     

New Delhi [India], June 27 (ANI-BusinessWire India): Unicommerce, India's leading SaaS-based multichannel order fulfillment platform showcased its Goods and Services Tax (GST) ready solutions for online sellers at an event on Saturday.

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