Stocks

Vedanta, Cairn shares rise on completion of buyout process

Reuters | Updated on January 15, 2018 Published on April 12, 2017

VEDANTA   -  Reuters

Shares of Vedanta and Cairn India rose in morning trade on the BSE.

Vedanta said it has completed buyout of oil and gas explorer Cairn India after months of investor opposition.

The deal gives Vedanta access to Cairn's $3.5 billion cash pile.

Cairn India shareholders will get interim dividend of Rs 17.70 a share, Vedanta has said.

Cairn India said that its board has made an effective merger.

Shares of Vedanta Ltd gained as much as 3.9 per cent in the early session. At about 12.05 pm, the stock was trading up 2.37 per cent or Rs 6 at Rs 258.75.

Similarly, Cairn India rose as much as 2.9 per cent to its highest since October 2, 2014. At about 12.05 pm, the stock was trading 1.66 per cent higher or Rs 5.05 at Rs 308.95.

Published on April 12, 2017
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