9th Jun 2015 08:11
LONDON (Alliance News) - Vedanta Resources PLC shares rose on Tuesday after it noted press speculation about potentially merging its subsidiary Cairn India Ltd into itself.
Vedanta shares were up 4.6% to 569.50 pence per share on Tuesday morning.
The FTSE 250-listed natural resource company did not comment on the speculation, but said it "will make appropriate disclosures as and when required" about the potential merger of its wholly-owned subsidiary Vedanta Ltd and Cairn India.
Vedanta already holds a majority 59.8% stake of Cairn India, which has been subject to turmoil in recent months over tax demands issued against the company by Indian tax authorities related to the period when Cairn India was owned by Cairn UK Holdings Ltd, a subsidiary of FTSE 250-listed Cairn Energy PLC. Cairn Energy still holds a 9.8% stake in Cairn India.
Cairn Energy shares were up 0.2% to 184.00 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Vedanta ResourcesCapricorn Energy PLC