Cairn India Shares Jump 7% On Reports Cairn Energy To Vote Against Merger

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, July 23, 2015, 11:33 [IST]

Cairn India shares surged a huge 7 percent on report Cairn Energy would vote against the Vedanta merger.

The shares which have seen relentless selling pressure over the months on falling crude prices, rallied 7 per cent on the news. Check Cairn India share price and complete financials

According to a Reuters reports Britain's Cairn Energy Plc is set to vote against Vedanta Ltd's $2.3 billion buyout offer for Cairn India's minority shareholders, the Financial Times said on Wednesday, citing people familiar with the situation.

Vedanta is the largest shareholder in Cairn with a near 60 per cent stake.

Financial institutions had also been resenting the merger of Cairn and Vedanta. While earlier Life Insurance Corporation which holds a near 16 per cent stake in the company had shown its unhappiness, now reports suggest that United India Insurance is also unhappy with the move.

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