Cairn to sell 40% stake in Indian arm to Vedanta Resources for $6.8 bn
Edinburgh-based Energy giant, Cairn Energy Plc is likely to sell maximum of 40 per cent stake in Cairn India to Vedanta Resources against a consideration of US$ 6.8 billion. This move of the company follows the result of open offer Vedanta Group firm, Sesa Goa Ltd that closed on 30 Apr"11, where it made an offer of Rs.355 per share to the minority shareholders.
Prior to this in August 2010, Cairn Energy Plc announced that it intended to sell around 40-51 per cent stake in its Indian unit to mining group, Vedanta for a deal worth US$9.6 billion.
Cairn Energy further stated, "A total of approximately 155 million Cairn India shares, representing 8.1 per cent of the share capital, have been tendered."