Petronas exits, Vedanta picks up more stock in Cairn India | business | Hindustan Times
Today in New Delhi, India
Sep 24, 2017-Sunday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Petronas exits, Vedanta picks up more stock in Cairn India

India focused miner Vedanta Plc has bought an 11% stake in Cairn India through block market deals, a source with direct knowledge of the matter said today.

business Updated: Apr 19, 2011 11:38 IST

India focused miner Vedanta Plc has bought an 11% stake in Cairn India through block market deals, a source with direct knowledge of the matter said on Tuesday.

Cairn Energy agreed in August to sell a majority stake in Cairn India to Vedanta, but the deal has been delayed due to a dispute over royalty payments by Cairn India's partner, state-run Oil and Natural Gas Corp

Vedanta bought the 11% stake in Cairn India from Malaysia's national oil corporation Petronas at 331 rupees ($7.4) a share.

The Malayasian state oil company, Petronas, has exited its entire stake of about 14.9% in Cairn India through block trades to buyers including Vedanta.

The total value of the trades was about $2.1 billion.