NSE, BSE to discontinue trading in Cairn India shares from 26 April
.jpg)
Mumbai: Top stock exchanges National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will discontinue equity as well as equity derivative trading in the security of Cairn India from 26 April, as the cash-rich oil producer has merged into its debt-ridden parent Vedanta.
Under the merger deal, shareholders of Cairn India will get one equity share of Vedanta and four redeemable preference shares of face value Rs10 and coupon 7.5%.
Further, Cairn India shareholders, as on record date, who will become shareholders of Vedanta, would also receive an interim dividend of Rs17.70 per equity share. The 27 April has been set as record date for the share swap.
Accordingly, in two separate notices, NSE and BSE have asked the investors and brokers not to deal in the equity shares of Cairn India with effect from 26 April. “...it is hereby notified that the following security will be suspended from trading with effect from 26 April, 2017,” NSE said in the circular.
BSE in its circular said: “Trading Members are advised not to deal in the equity shares of Cairn India Ltd with effect from the under mentioned date (26 April)”.
At the same time, the bourses in separate circulars said “no futures and options contracts will be available in the underlying Cairn for trading from 26 April, 2017 onwards”. Moreover, the bourses said the existing equity derivative contracts of Cairn “with expiry dates April 27, 2017, May 25, 2017 and June 29, 2017 will expire on April 25, 2017”.
Earlier this week, Cairn and Vedanta had announced the completion of the merger. The merger would help the metals and mining company Vedanta access to the cash of Cairn India, helping it cut debt.
Other Latest News
.webp)
Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
.webp)
Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
.webp)
Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
.webp)
Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
.webp)
National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
.webp)
.webp)
.webp)
.webp)
.webp)
