Vedanta buys shares in Cairn India in market deals - source
Tuesday, 19 April 2011
19 April 2011;deccanherald.com:Mumbai: India-focused miner Vedanta Plc has bought shares in Cairn India through block market deals, a source with direct knowledge of the matter said on Tuesday. Cairn Energy agreed in August to sell a majority stake in Cairn India to Vedanta, but the deal has been delayed due to a dispute over royalty payments by Cairn India's partner, state-run Oil and Natural Gas Corp. One television channel said that Vedanta had bought 7.5 percent stake in Cairn India through the block deals, while another said the London-listed firm has taken an 11 percent stake through the market transaction. Cairn India saw 283 million shares, or 14.9 percent of the share capital, changing hands in block share market deals on the Bombay Stock Exchange on Tuesday, and TV channels said Malaysia's national oil corporation Petronas was the seller.
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