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Cairn India shares gain over 6% on bourses

 The Hawk |  2015-07-24 07:46:00.0  0  Comments

Mumbai: Shares of Cairn India Thursday gained over 6 percent amid reports that its erstwhile parent firm Cairn Energy may vote against the merger of the company with Vedanta. The stock ended the day 6.20 percent higher at Rs 177.30 on the BSE. During the day, it rose by 10.33 percent to Rs 184.20. On the NSE, shares of the company jumped 6.43 percent to Rs 177.70. Meanwhile, the BSE has sought clarification from Cairn India with respect to news that Cairn Energy is set to vote against Vedanta's Cairn India offer. The minority shareholders of Cairn India have raised concerns over the company not getting a "fair valuation" in the USD 2.3 billion all-share merger with parent Vedanta Ltd and use of its over Rs 24,000 crore of cash pile. The merger needs approval of half of the non-promoter shareholders. Life Insurance Corp (LIC) holds 9.06 percent and Cairn Energy plc of UK another 9.82 percent of Cairn India. Vedanta owns a 59.88 percent stake in Cairn India. Overall, Vedanta Group has Rs 77,752 crore debt, a part of which can be paid using Cairn India cash. PTI

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