×
E-PAPER ▾

E-paper

Business

United Spirits & Cairn India to move out from Sensex Next 50 index

| | New Delhi

United Spirits and Cairn India will be dropped from the BSE’s Sensex Next 50 index from April 26. Petronet LNG and Havells India will be included in the index in their place, BSE said in a circular.  Sensex Next 50 index measures the performance of the subsequent 50 largest index-eligible stocks outside the BSE Sensex 50.

     The exchange said that United Spirits has been dropped from the index as it no longer meets the index eligibility criteria. Further, Cairn India would move out from the index due to suspension of trading in its shares from April 26 as the cash-rich oil producer has merged into its debt-ridden parent Vedanta. Apart from Sensex Next 50 index, Cairn India would be dropped from indices including energy and infrastructure.     

         Last week, the exchange said it would discontinue equity as well as equity derivative trading in the security of Cairn India from April 26. Under the merger deal, shareholders of Cairn India will get one equity share of Vedanta and four redeemable preference shares of face value Rs 10 and coupon 7.5 per cent.

Further, Cairn India shareholders, as on record date, who will become shareholders of Vedanta, would also receive an interim dividend of Rs 17.70 per equity share. The record date for the share swap has been set as April 27. Earlier this month, 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.                      

 
 
 

TOP STORIES

Sunday Edition

View All

12-hr search finds body of woman killed by husband

18 Jun 2017 | Staff Reporter | New Delhi

A police team, along with sniffer dogs, scanned the whole area of Bonta Park in Civil Lines on Saturday morning to get some clue about a woman murdered by her husband on Friday. After 12 hours search operation, police were able to find the body identified as Komal...

Read More

STATE EDITIONS

View All

One more farmer commits suicide

24 Jun 2017 | Staff Reporter | Bhopal

A farmer committed suicide in Chhatarpur district, allegedly due to over burdened with debt. While the family of Raghuvir Yadav, (27) alleged that he took the extreme step due to his mounting debt, the police said a family dispute led him to end his life...

Read More

Page generated in 0.3364 seconds.