The Mumbai bench of the National Company Law Tribunal approved the merger of oil producer Cairn India with its metals giant parent, Vedanta Ltd, on Thursday.
The merger was first proposed by the two companies in mid-2015 but minority shareholders of Cairn India were unhappy with the original terms.
In 2016, the companies modified the merger terms, giving shareholders of Cairn India one equity share of Vedanta and four redeemable preference shares of face value ₹10 and coupon 7.5 per cent, as against the earlier proposal of one equity share and one preference share.
The new terms were then approved by both sets of shareholders.