Monday, June 27, 2011

Vedanta Buys Another 10% of Cairn India

Cairn Energy PLC in India focused miner Vedanta Resources Plc to change the terms of the agreement of sale, less oil and gas explorer Cairn India Ltd has secured an additional 10% stake in the contract prices which result.

Vedanta and Cairn Energy said in separate statements that the agreement will be executed in two tranches. A 10% stake in Cairn India on or before July 11 Vedanta, and then purchase the necessary permits from the authorities and the remaining 30% equity purchase is pending approval. Cairn India, Cairn Energy, Vedanta in the first installment of the purchase of the stock increased by 28.5% from 52.2% in the downturn.

Since August last year, Vedanta, about 8.5 billion 9.6 billion 51% -60% stake in Cairn India Ltd to buy to try to cash, but the deal has been delayed by the Government of India To determine who should be responsible for significant onshore in Rajasthan, where the royalties paid for oil in the 70% stake in Cairn India.

The agreement bears the load for the royalty agreement.

Analysts say the modifications to be largely the result of lower selling price.

Cairn Energy, respectively, Vedanta Petro Nasional Berhad in Malaysia this year to Liam, mom made a 10.4% stake through open offer or Petronas, and 8.1% stake in Cairn India is to the shareholders.

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