Vedanta raises stake in Cairn

File photo shows a Vedanta Resources-owned alumina refinery in Orissa. Vedanta Resources has completed its first tranche of purchase of Cairn Energy’s Indian subsidiary.

London-based Anil Aggarwal owned Vedanta Resources on Tuesday announced that it had completed the first tranche of its purchase of Cairn Energy's Indian subsidiary after acquiring a 10 per cent stake for $1.5 billion. Vedanta Resources acquired 191.92 million equity shares of Cairn India at Rs.355 a share.

The total cash payout worked out to Rs.6,813.16 crore. In a statement here, Vedanta put the acquisition price at $1.50 billion. .

Cairn Energy will sell another 30 per cent of its interest in Cairn India subject to the necessary consents and approvals from the Union Government, the U.K.-based firm said in the statement.

After this sale, Cairn Energy remains the majority shareholder of Cairn India, the statement added.