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VEDL - Vedanta News Story

₹293.1 -6.5  -2.2%

Last Trade - 24/09/21

Basic Materials
Large Cap
Market Cap £10.73bn
Enterprise Value £12.65bn
Revenue £9.92bn
Position in Universe 47th / 3149

India's Vedanta to buy out minority shareholders in unit Cairn India

Sun 14th June, 2015 9:46am
MUMBAI, June 14 (Reuters) - India's largest private miner 
Vedanta Ltd  VDAN.NS  has offered to buy out minority 
shareholders in cash-rich oil and gas unit Cairn India 
 CAIL.NS , a move that will streamline debt-burdened parent 
Vedanta Resources Plc's  VED.L  operating structure. 
    Shareholders in Cairn India, India's top private oil 
producer, will get one share in Vedanta Ltd for every held, the 
companies said in a joint statement after their boards approved 
the transaction on Sunday. They will also get one redeemable 
preference share in Vedanta Limited. 
    Debt-burdened Vedanta began simplifying its byzantine 
structure with a 2012 overhaul, but further moves to simplify 
the group and buy out minorities in cash-rich subsidiaries have 
long been awaited by the market. Cairn India has a $2.6 billion 
cash pile. 
 (Reporting by Aman Shah; Writing by Sumeet Chatterjee; Editing 
by Clara Ferreira Marques) 
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