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Vedanta Resources (VED)

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Tuesday 12 July, 2011

Vedanta Resources

Purchase of 10 per cent in Cairn India

RNS Number : 1896K
Vedanta Resources PLC
12 July 2011
 



12 July 2011

 

Vedanta Resources Plc (" Vedanta") announces completion of purchase of a 10 per cent shareholding in Cairn India Limited ("Cairn India") from Cairn Energy plc ("Cairn Energy")

Vedanta announces that it has completed the purchase of 191,920,207 shares in Cairn India from Cairn Energy, representing 10 per cent of the fully diluted share capital of Cairn India, for a gross consideration of $1,505.7 million in cash. Following this transaction, the Vedanta Group holds an aggregate 28.5 per cent of the fully diluted share capital of Cairn India. Cairn Energy remains the majority shareholder of Cairn India, with a 52.2 per cent shareholding.

Vedanta continues to work with Cairn Energy to secure the necessary consents to complete the purchase of a further 30 per cent of the fully diluted share capital of Cairn India and a further announcement will be made in due course.

 

 

Investors:

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

 

ir@vedanta.co.in

Tel: +44 20 7659 4732 / +91 22 6646 1531

Media:

Gordon Simpson

Faeth Birch

Finsbury

 

 

Tel: +44 20 7251 3801

 

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, silver, iron ore and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 31,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit:

www.vedantaresources.com.

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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