The UK based Cairn Energy today announced the stake sale of its Indian arm Cairn India.

As per the
deal 51 percent of the Cain India stake will be sold to Vedanta Resources Plc, a mining firm at around
8.48 billion USD or around 39,627 crore Indian Rupees. Cairn Energy holds 62.36 per cent stake in
Cairn India.
After the announcement Cairn India share price plunged in both BSE and NSE. On NSE Cairn India
shares closed at 332.35, down 22.60 or 6.5%.
In the morning trade Cairn India shares touched a 1 year high of 368.05 but dropped from that level
and closed at 332.35 compared to yesterdays closing price of 355.45. Total traded quantity is
3,72,06,771 and turnover is 1,292.93 crore rupees.

Shureholder meet on Cuirn Indiu stuke sule in
October
U.K.`s CuIrn Energy PIc on Tuesduy suId IL wIII seek sIureIoIder nod Ior suIe oI mujorILy sLuke In ILs
ndIun urm, CuIrn ndIu, Lo ondon-IIsLed VedunLu Resources PIc Ior up Lo $ 8.q8 bIIIIon on OcLober
;.
TIe GeneruI MeeLIng (oI LIe sIureIoIders) wIII be IeId uL EdInburgI on OcLober ;, zo1o, uL 1qoo
Iours (IocuI LIme), LIe compuny suId In u noLIce Ior LIe exLruordInury generuI meeLIng (EGM).
CuIrn Energy Is seIIIng beLween qo und 1 per cenL oI ILs 6z.8 per cenL sLuke In CuIrn ndIu Lo
bIIIIonuIre AnII AgurwuI-run VedunLu Resources group Ior up Lo $ 8.q8 bIIIIon.
MImIckIng AusLruIIun mInIng IIrm BHP BIIIILon Ld`s sLruLegy oI dIversIIyIng InLo oII, CuIrn ndIu wIII
gIve VedunLu uccess Lo LIe nuLIon`s bIggesL onsIore oIIIIeId.
CuIrn ndIu, currenLIy, produces 1z,ooo burreIs oI crude oII per duy (6.z mIIIIon Lonnes u yeur)
Irom MunguIu oIIIIeId In RujusLIun und Ius sLuLed LIuL LIe ouLpuL couId rIse Lo 1o,ooo bpd (;.
mIIIIon Lonnes).
TIe enLIre RujusLIun bIock, wIIcI Is esLImuLed Lo IoId 6. bIIIIon burreIs oI In-pIuce oII reserves, cun
produce up Lo zqo,ooo bpd, equIvuIenL Lo 1z mIIIIon Lonnes u yeur oI peuk ouLpuL Irom SLuLe-owned
OII und NuLuruI Gus CorporuLIon`s (ONGC) prIme MumbuI HIgI IIeIds In LIe wesLern oIIsIore.
CuIrn Energy PIc cIIeI execuLIve BIII GummeII Iud IusL week sLuLed LIuL LIe deuI IInges upon
compIeLIon oI un open oIIer by LIe VedunLu Group Lo mInorILy sIureIoIders oI CuIrn ndIu.
VedunLu Resources Group Is yeL Lo geL murkeL reguIuLor SEB`s upprovuI Ior un open oIIer Lo ucquIre
up Lo u zo per cenL sLuke Irom mInorILy sIureIoIders uL u prIce oI Rs. u sIure, Rs. o Iess LIun
wIuL IL Is puyIng CuIrn Energy Ior u mujorILy sLuke.
TIe open oIIer, us per LIe scIeduIe unnounced by VedunLu IusL monLI, Is Lo open on OcLober 11.
TIe nod by CuIrn Energy sIureIoIders wouId meun noLIIng unIess VedunLu Is ubIe Lo compIeLe LIe
open oIIer In ndIu, Ie Iud suId on SepLember 16 In LIe nuLIonuI cupILuI.
VedunLu Is puyIng CuIrn Energy Rs. qo per sIure Ior u qo Lo 1 per cenL sLuke In CuIrn ndIu. TIIs
IncIudes u Rs. o non-compeLe Iee Lo keep LIe EdInburgI-bused IIrm ouL oI ndIu, PukIsLun,
BungIudesI und SrI unku Ior LIree yeurs.
TIe mInorILy sIureIoIders Iuve been oIIered u prIce suns LIe non-compeLe Iee.
Keywords: CuIrn-VedunLu deuI

India approvaI for Cairn-Vedanta deaI in atIeast a
month
NEW DELH: Regulatory approval for London-based Vedanta Resources' deal to buy a controlling stake
in Cairn ndia, a unit of the UK's Cairn Energy, will take at least a month, ndia's Oil Secretary said on
Thursday.

Vedanta, in its first move into the energy sector, is buying a controlling stake in ndia's No. 4 oil and gas
company from Cairn Energy to capitalise on rising energy demand, economic growth and an expanding
population.

Vedanta Resources has offered 405 rupees a share for between 40 and 51 per cent of Cairn ndia. The
final stake bought would depend on the response to an open offer for a 20 per cent stake made to
minority shareholders at 355 rupees a share.

New Delhi, Sep 13: Though discussions over selling majority stake of Cairn Energy's ndian arm to
Vedanta Resources are on the air for a long time, but for the first time Cairn formally approached to
ndian government for its approval of the deal.
Buzz up!
The company officials stated that the government's approval will complete all contractual
requirements needed to fructify the deal.


A senior Oil Ministry person informed, "We have received letters from Cairn and we are examining
them. We will decide (on it) in due course."

Cairn maintained that only New Exploration Licensing Policy (NELP) blocks required prior
government consent for transfer of control, while pre-NELP areas like the Rajasthan oilfield do not
have such provisions.

n its official application, Vedanta attached a summary of the deal where Cairn Energy is selling a
40-51 percent stake in its ndian arm to Vedanta Resources Group for up to $8.48 billion.

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