×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Vedanta chair stands by open offer price for Cairn India

Vedanta chair stands by open offer price for Cairn India
Comment E-mail Print Share
First Published: Mon, Oct 11 2010. 11 36 AM IST
Updated: Mon, Oct 11 2010. 11 36 AM IST
By Reuters
Mumbai: Vedanta Resources stands by the open offer price of Rs 355 a share for Cairn India’s minority shareholders, Vedanta chairman Anil Agarwal said on Monday.
The Business Standard newspaper had earlier reported that Vedanta was likely to raise the open offer price.
Vedanta cleared some hurdles to its up to $9.6 billion plan to take a sizeable stake in Cairn India last week but concerns of potential delays to the deal remained.
Cairn Energy agreed in August to sell London-listed miner Vedanta a stake of between 40 and 51% of Cairn India, the company it formed through spinning off its Rajasthan assets in 2007, for up to $8.5 billion.
However, rumblings from government and Cairn India’s partner in its big Rajasthan fields, Indian state-run Oil and Natural Gas Corp, have prompted fears among Cairn Energy investors that the deal which has been welcomed by analysts, may not close.
Comment E-mail Print Share
First Published: Mon, Oct 11 2010. 11 36 AM IST