MUMBAI - UK-based Vedanta Group today said it has received market regulator Sebi's nod for a USD 9.6 billion deal to acquire a 51 per cent stake in Cairn India and will launch an open offer soon.
"We have already received Sebi's approval for an open offer. The issue will open very soon. Within the next one to two days, we will send out the mails regarding this to all concerned," Vedanta Group Chairman Anil Agarwal told reporters here.
The Vedanta chief also appeared confident that the deal to acquire a majority stake in Cairn India, promoted by Edinburgh-based Cairn Energy Plc, would soon receive the approval of the government.
"We have a deadline of April 15 and I believe the government will give its approval before that... The royalty issue has to sorted out with the government and the ONGC. We can... take up that issue later," he said.
The deal, which has been hanging fire since November, 2010, is likely to be considered for final approval by the Union Cabinet at its meeting in the national capital tomorrow.
As per the Takeover Code of the Securities and Exchange Board of India (SEBI), the acquirer is required to come out with an open offer to give an exit option to existing shareholders.
Source : http://www.newzfirst.com/web/guest/business
Tuesday, April 5, 2011
Hazare begins fast against corruption
NEW DELHI - Anti-corruption crusader Anna Hazare today began his fast unto death demanding enactment of a comprehensive law like the Jan Lokpal Bill to tackle corruption.
72-year-old Hazare began his fast at Jantar Mantar after taking out a march from Rajghat where he paid tributes to Mahatma Gandhi.
"We will fast unto death until the government enacts the Jan Lokpal Bill which is most necessary to fight corruption in our country," Hazare told reporters here.
Activists Swami Agnivesh, Kiran Bedi and Sandeep Pandey were also present.
Hazare had yesterday said that he was saddened when Prime Minister Manmohan Singh rejected the demand by leading civil society members to include them and senior ministers in the joint committee to draft the Jan Lokpal Bill (Citizen's ombudsman Bill).
72-year-old Hazare began his fast at Jantar Mantar after taking out a march from Rajghat where he paid tributes to Mahatma Gandhi.
"We will fast unto death until the government enacts the Jan Lokpal Bill which is most necessary to fight corruption in our country," Hazare told reporters here.
Activists Swami Agnivesh, Kiran Bedi and Sandeep Pandey were also present.
Hazare had yesterday said that he was saddened when Prime Minister Manmohan Singh rejected the demand by leading civil society members to include them and senior ministers in the joint committee to draft the Jan Lokpal Bill (Citizen's ombudsman Bill).
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