Its official now. Anil Agarwal's Vedanta Ltd has concluded the merger of Cairn India with itself. In a statement the company announced the effective merger of the two companies on Tuesday.

According to an official statement, the merged company will have a larger proforma market cap of $15.6 billion, and a higher free float of 49.9 per cent.

The company has fixed April 27 as the record date for determining the list of shareholders of Cairn India to whom the equity and preference shares of Vedanta will be allotted as per the scheme. The company said, “The shareholders of Cairn India will receive for each equity share held, one equity share of Vedanta of face value ₹1 each. And four 7.5 per cent Redeemable Preference Share in Vedanta with a face value of ₹10 each.”

The company also said that Cairn India shareholders as on the said record date, who become shareholders of Vedanta will receive an interim dividend of ₹17.70 per equity share.

Cairn India Q4 output up

Cairn India has recorded a 2 per cent higher average gross production across assets for the fourth quarter of 2016-17, at 184,585 barrels of oil equivalent per day (boepd).

However, the average gross production declined by 7 per cent in 2016-17 compared with the previous fiscal, as per a company statement.

“The lower production was primarily due to natural decline in the fields and planned maintenance shut down in Rajasthan during the current year,” read the statement, adding that production at Rajasthan declined 5 per cent due to reservoir under-performance at Bhagyam and Aishwariya.

This was partly offset by the volume ramp up from the Mangala Enhanced Oil Recovery (EOR) project and effective reservoir management across fields.

Gross production from the Rajasthan block averaged at 157,338 boepd for the fourth quarter of 2016-17.

The production from EOR has increased to an average of 56,000 boepd in the said quarter. Gross production from Development Area-1 (DA-1) and Development Area-2 (DA-2) averaged 141,886 boepd and 15,452 boepd, respectively. The company said: “Encouraging results from the Mangala EOR programme and production optimisation activities helped offset the natural decline.”

Gas production from Raageshwari Deep Gas (RDG) was maintained at an average of 21 mmscfd in the fourth quarter of 2016-17 with average sales at 4 mmscfd. The statement read: “The technical issue between the transporter and the gas buyers has been resolved during the quarter and the gas sales have currently been normalised.”

The Ravva block produced at an average rate of 17,769 boepd for the quarter. The Cambay block production was largely stable at 9,477 boepd for the quarter.

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