Notwithstanding the criticism of minority shareholders of Cairn India getting a raw deal, billionaire Anil Agarwal on Tuesday ruled out his debt-ridden mining firm Vedanta Ltd raising the share offer ratio to absorb the cash rich oil firm.
Minority shareholders of Cairn, who have seen share prices almost halve to Rs.170-180 in the past one year on the back of the company cutting exploration expenses and falling oil prices, have criticised the offer of one Vedanta Ltd share and one 7.5 per cent preference share in Vedanta Ltd for every share they hold.
“This is a matter of detail. I think people are dealing with it. We have given the best of offer,” Mr. Agarwal told reporters after meeting Oil Minister Dharmendra Pradhan here.
He was asked if Vedanta Ltd will raise the offer in view of minority shareholders not being happy with the offer.
“I think everybody is happy. We have done it with best of intentions,” Mr. Agarwal said.
The merger needs approval of at least half of the minority shareholders.
