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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.
Updated on: Apr 19, 2011, 11:38:02 IST
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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.
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