KEYFACT Energy
India's Vedanta has offered to sweeten the terms for taking over subsidiary Cairn India after an initial bid had been stymied for a year. Under the new offer, Vedanta will give one share and four redeemable preference shares for each share in Cairn India, the company controlled by mining and metals tycoon Anil Agarwal said in a statement on Friday. Earlier it was offering one share and one redeemable preference share for each Cairn share.
The deal, which will give debt-ridden Vedanta access to oil and gas explorer Cairn India's $3.5 billion cash pile, has faced opposition from some big minority shareholders. Vedanta must get on board Indian state-run Life Insurance Corp and UK-based Cairn Energy, which own 10 percent each in Cairn India, to seal the takeover.