Vedanta Ltd, formerly Sesa Sterlite, has acquired 4.98 per cent stake in Cairn India for $315 million from a wholly—owned subsidiary Twinstar Mauritius Holdings (TSMHL).
The funds received by TSMHL will be used to service existing debt obligations at TSMHL, Vedanta said in filing to the London Stock Exchange.
Vedanta’ ownership in Cairn India does not change as a result of this share transfer, it added.
Anil Agarwal—led Vedanta India, which changed the name from Sesa Sterlite, is a promoter in Cairn India.
TSMHL had 39.41 per cent stake in Cairn India at March—end, while Vedanta’s stake was 18.73 per cent.
Following the share transfer, Vedanta will continue to hold 59.9 per cent in Cairn India of which 25.5 per cent will be held directly and 34.4 per cent held indirectly through TSMHL.
Shares of Cairn India closed at Rs 186.20 apiece on BSE, down 4.02 per cent over yesterday.