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London/Mumbai: Shares led by NRI billionaire Anil Agarwal Vedanta Resources fell 5.59 per cent in London on Friday inventory The exchange comes amid talks that it may acquire a majority stake in the Indian arm. stupa energy.
In the late afternoon session, the stock was trading at £20.61, down 5.50 per cent. London School of Economics, Vedanta opened on a positive note, but soon turned red.
The broader market was also weak and the benchmark FTSE 100 was trading at 5,248.95, down 0.32 per cent in the afternoon session.
Cairn Energy Plc, on the other hand, climbed 1.41 per cent and was being quoted at £4.59 on the LSE.
In India too, Vedanta Group firm Sterlite Industries closed over 4 per cent lower at Rs 160.70 on the Bombay Stock Exchange. Sterlite was the biggest loser in the Sensex pack today.
In contrast, Cairn India, the Indian arm of Cairn Energy Plc, rose over 5 per cent to hit its all-time high of Rs 358 on the BSE. The stock closed at 355.45 with a gain of 4.36 per cent.
Vedanta Resources Plc is in talks to buy a 51 per cent stake in Cairn India for $8-8.5 billion (about Rs 40,000 crore) and the deal is likely to be announced on Sunday evening or Monday.
Scottish explorer Cairn Energy Plc, which holds 62.37 per cent stake in India-listed Cairn India, is seeking a premium of up to 20 per cent to pass on the controlling stake, two persons aware of the development said.
“Agarwal is meeting Cairn Energy Plc Chief Executive Bill Gammell in London today and the deal is likely to be announced on Sunday evening or Monday,” one of them said.
The deal will be subject to government approval, as Cairn’s three productive oil and gas assets, including the vast Rajasthan field, and seven exploration blocks have clear provisions for obtaining pre-approval before transfer of interest or pre-emption. gives, or gives the right of first refusal on any shares to be sold to partners such as ONGC.
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