3rd Jun 2015 15:55
3 June 2015
Vedanta Resources Plc
Notification of transfer of 4.98% shareholding in Cairn India to Vedanta Limited
Vedanta Resources Plc's subsidiary Vedanta Limited today made the below announcement. Vedanta's (Vedanta Plc and its subsidiaries) ownership in Vedanta Limited and Cairn India do not change as a result of this share transfer.
The full text of release issued by Vedanta Limited is set out below.
Vedanta Limited
Notification of transfer of 4.98% shareholding in Cairn India to Vedanta Limited from Twinstar Mauritius Holdings Limited, a wholly owned subsidiary of Vedanta Limited
Vedanta Limited has entered into an agreement with a wholly owned subsidiary, Twinstar Mauritius Holdings Limited ("TSMHL"), whereby TSMHL has transferred 4.98% of its stake in Cairn India Limited ("Cairn India") to Vedanta Limited for a cash consideration of US$315mm.
The funds received by TSMHL will be used to service existing debt obligations at TSMHL.
Vedanta Limited's ownership in Cairn India does not change as a result of this share transfer.
For further information, please contact:
Communications | Finsbury |
Roma Balwani President - Group Communications, Sustainability and CSR Tel: +91 22 6646 1000
| Daniela Fleischmann Tel: +44 20 7251 3801 |
Investors | |
Ashwin Bajaj Director - Investor Relations
Anshu Goel Vice President - Investor Relations
Radhika Arora Associate General Manager - Investor Relations | Tel: +44 20 7659 4732 Tel: +91 22 6646 1531 |
About Vedanta Resources
Vedanta Resources Plc ("Vedanta") is a London-listed diversified global resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. With an empowered talent pool 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.
Notes to Editors:
Vedanta Limited is a diversified natural resources company listed on the Bombay Stock Exchange ("BSE") and National Stock Exchange ("NSE") in India. Vedanta Limited has operations globally and operates across commodities including copper, zinc, iron ore, power, aluminium and oil and gas. Vedanta Resources Plc holds a 62.9% stake in Vedanta Limited.
Cairn India is an independent oil and gas exploration and production company, listed on the Bombay Stock Exchange ("BSE") and National Stock Exchange ("NSE") in India. The company operates assets in India, Sri Lanka and South Africa.
As at 31 March 2015, Cairn India had gross assets of US$10,520mm. Following the Transaction, Vedanta Limited will continue to hold 59.9% in Cairn India, of which 25.5% will be held directly and 34.4% held indirectly through TSMHL.
Further details on Cairn India's Board can be found at: https://www.cairnindia.com/about-us/cairn-glance/board-directors.
Related Shares:
Vedanta Resources