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Vedanta offers US$2.3b for Cairn India minorities

The deal - which is at 7.3% premium to the oil producer's Friday closing price - is expected to close in Q1 2016

Published Sun, Jun 14, 2015 · 09:50 PM
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Mumbai

INDIAN mining and energy group Vedanta Ltd made a US$2.3 billion offer on Sunday to buy out minority shareholders in cash-rich oil unit Cairn India, a deal that helps parent Vedanta Resources plc repay hefty debts.

Shareholders in Cairn India, the country's top private-sector oil producer, will get one share in Vedanta Ltd for every share held, the companies said in a joint statement on Sunday.

The shareholders will also get one redeemable preference share in Vedanta Ltd with a face value of 10 rupees, making the deal worth roughly US$2.3 billion. That implies a premium of 7.3 per cent to Cairn's Friday cl…

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