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No intention of acquiring Cairn Energy's 10% stake in Cairn India: Vedanta Resources

By Religare
|

Vedanta Resources said it does not intend to acquire Cairn Energy's over 10 per cent stake in Cairn India immediately, but will look at it sometime in the future, reported PTI.

"We have no talks but in future we will look at it. We are open for that but we are not talking at the moment," Vedanta chairman Anil Agarwal told reporters here after delivering a lecture in local Shri Ram College of Commerce.

 

He did not give any timeline for the buyout. The London-listed mining conglomerate had acquired a majority stake of 58.5 per cent stake in Cairn India for USD 8.67 billion in December 2011. The deal was delayed by about 16 months from the original announcement of August 2010, said the report.

Vedanta currently holds 58.76 per cent stake in Cairn India through subsidiary firms Sesa Goa and Twin Star Mauritius Holdings Ltd, while Cairn Energy Plc has 10.27 per cent stake. The rest is held by institutional and minority shareholders.

The value of UK-based company's stake at present is over Rs 6,300 crore at yesterday's closing price of Rs 324.15 a share of Cairn India on the BSE.

Dion Global Solutions Ltd.

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