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
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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.
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