Vedanta acquires 4.98% stake in Cairn India for $ 315 million

Vedanta Ltd, formerly Sesa Sterlitle, has acquired 4.98% 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' onwership 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 last month, is a promoter in Cairn India.

TSMHL had 39.41% stake in Cairn India at March-end, while Vedanta's stake was 18.73%.

Shares of Cairn India closed at Rs 186.20 apiece on BSE, down 4.02% on June 3.