Vedanta buys 10.4 per cent in Cairn India

Posted By: Religare
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Vedanta buys 10.4 per cent in Cairn India
At a juncture when Cairn-Vedanta deal has been dogged by controversy for past 8 months, Vedanta Resources has moved ahead to strengthen its position to become the second-largest shareholder in Cairn India by purchasing 10.4 per cent stake in the latter from Petronas International Corp of Malaysia.

Sesa Goa, a subsidiary of the London-listed mining and metals firm Vedanta resources bought the 200 million shares for Rs. 331 per unit in a block deal from Petronas to attain a significant minority shareholding in Cairn India.

A Vedanta spoke person quoted, "After obtaining all the necessary government approvals and consents, Vedanta looks forward to the completion of the Cairn India acquisition and would own 51-70.4 per cent of Cairn India."

Story first published: Wednesday, April 20, 2011, 12:34 [IST]
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