Companies

Vedanta open offer nod still ‘under process', says SEBI

Our Bureau Mumbai | Updated on March 19, 2011 Published on March 19, 2011




SEBI has not given the go ahead for the Cairn-Vedanta deal as was reported in certain sections of the media on Saturday.

According to information put on the SEBI Web site, the permission for Vedanta's open offer to Cairn shareholders by the regulator is still “under process”.

In August 2010, Vedanta had agreed to acquire 51 per cent stake in Cairn India in a deal priced at Rs 43,200 crore. This triggered an open offer for another 20 per cent stake in the target company to the shareholders of Cairn, according to the takeover guidelines.

The permission for the same is still awaiting SEBI approval.

On Saturday, there were reports that Vedanta had received this approval from SEBI, which had been pending for almost seven months. The draft document for the open offer by Vedanta was filed on August 31, 2010. The open offer for shares worth Rs 13,600 crore was to commence on October 11 and close on October 30, 2010.

When contacted, SEBI as well as Vedanta officials refused to comment on the issue.

Published on March 19, 2011
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