New Delhi: Vedanta Ltd, formerly Sesa Sterlite, has acquired 4.98 percent stake in Cairn India for USD 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, is a promoter in Cairn India.
TSMHL had 39.41 percent stake in Cairn India at March-end, while Vedanta's stake was 18.73 percent.
Following the share transfer, Vedanta will continue to hold 59.9 percent in Cairn India of which 25.5 percent will be held directly and 34.4 percent held indirectly through TSMHL.
Shares of Cairn India closed at Rs 186.20 apiece on BSE, down 4.02 percent over yesterday.
