Vedanta India to acquire up to 5.33% stake in Cairn India

After the acquisition of the shares, Vedanta India’s stake in Cairn India will grow from 18.73 per cent to 24.06 per cent.

May 28, 2015 01:39 pm | Updated November 17, 2021 02:57 am IST - New Delhi

Vedanta India will acquire up to 5.33 per cent stake, worth over Rs. 2,200 crore, in its group concern Cairn India next week.

Anil Agarwal-led Vedanta India, which changed the name from Sesa Sterlite last month, is a promoter in Cairn India.

In a BSE filing, Vedanta India said it will acquire up to 5.33 per cent stake or 100,000,000 shares of Cairn India from Twin Star Mauritius Holdings on June 3, 2015 or within a period of 90 days for Rs. 220.40 per share.

After the acquisition of the shares, Vedanta India’s stake in Cairn India will grow from 18.73 per cent to 24.06 per cent, said the filing yesterday.

Twin Star Mauritius Holdings held 39.41 per cent stake in Cairn India as of March 2015.

In the past, Agarwal has pointed towards plans to merge cash-cows Cairn India and Hindustan Zinc into his flagship Vedanta group firm to create a global natural resources giant to rival the likes of Rio Tinto or BHP Billiton.

Vedanta Group has appointed consultants to explore if it would make sense to merge the two firms into Sesa Sterlite, now called Vedanta India.

Shares of Cairn India were trading up by 0.24 per cent at Rs. 191.05 per share in the afternoon trade on the BSE. Scrips of Vedanta India were up by 2.37 per cent at Rs. 196.60 apiece at the BSE.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.