Shares of Vedanta and Cairn India rose by over 2 per cent on Thursday after completion of their merger. Vedanta’s scrip gained 2.18 per cent to close at Rs258.25 on BSE. During the day, it jumped 3.89 per cent to Rs262.60.
Cairn India also rose by 1.68 per cent to end at Rs309. Intra-day, it went up by 3 per cent to Rs313.05. The merger of Cairn India into its debt-ridden parent Vedanta ltd is now complete, the two firms announced on Wednesday.
“This merger consolidates Vedanta’s position as one of the world’s largest diversified natural resources companies, with world-class, low-cost assets in metals and mining and oil and gas,” a statement by the two firms said.