 Online edition of India's National Newspaper Tuesday, Jun 28, 2011 ePaper | Mobile/PDA Version |
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NEW DELHI: Scottish explorer Cairn Energy on Monday agreed to lower the price at which it will sell up to 40 per cent stake in its Indian unit to mining group Vedanta Resources, possibly taking into account the stringent condition the government has put for approving the deal. Cairn agreed to do away with Rs.50 a share non-compete fee and will now sell 40 per cent stake in Cairn India in two tranches at Rs.355 a share. The Edinburgh-based firm will now net $6.02 billion from sale of majority of its 62.4 per cent stake in Cairn India to London-listed mining group headed by billionarie Anil Agarwal. “Cairn and Vedanta have agreed to certain adjustments to the transaction sale and purchase agreement for the sale of part of Cairn Energy's shareholding in Cairn India, involving the removal of the non-compete arrangements and associated fee, which are expected to result in a 5.3 per cent reduction in post-tax proceeds,” Cairn Energy said in a statement. — PTI
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