Vedanta completes purchase of 10% stake in Cairn India

[mgauthi4]

Vedanta completes purchase of 10% stake in Cairn India


India Infoline News Service / 11:53 , Jul 12, 2011

Vedanta announces that it has completed the purchase of 191,920,207 shares in Cairn India from Cairn Energy, representing 10% of the fully diluted share capital of Cairn India, for a gross consideration of $1,505.7mn in cash.




Vedanta Resources Plc (" Vedanta") announces completion of purchase of a 10% shareholding in Cairn India Limited ("Cairn India") from Cairn Energy plc ("Cairn Energy")




Vedanta announces that it has completed the purchase of 191,920,207 shares in Cairn India from Cairn Energy, representing 10% of the fully diluted share capital of Cairn India, for a gross consideration of $1,505.7mn in cash. Following this transaction, the Vedanta Group holds an aggregate 28.5% of the fully diluted share capital of Cairn India. Cairn Energy remains the majority shareholder of Cairn India, with a 52.2% shareholding.

[mgauthi4]

va aller au bout maintenant ...

[phili675]

Cairn Energy says sells 10% of Indian unit to Vedanta

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LONDON: British oil explorer Cairn Energy on Tuesday announced that it had sold 10 percent of its Indian unit to Vedanta Resources for a net cash sum of $1.362 billion (978 million euros).

India had last month given conditional clearance to the sale of Cairn Energy's Indian oilfields to mining group Vedanta.

In a statement issued on Tuesday, Cairn said it "completed the sale of... 10 percent of the fully diluted share capital in Cairn India," adding that it planned to offload a further 30 percent to Vedanta subject to "approvals from the Government of India."
Following the sale of the 10-percent stake on Monday, Cairn remains the majority shareholder of Cairn India with a 52.2 percent shareholding. Vedanta now owns 28.5 percent of Cairn India.

Cairn had agreed to sell a 40-percent stake in Cairn India to Vedanta nearly a year ago, but the deal had become bogged down in a dispute over royalties.