Vedanta group company
Sesa Goa , along with its subsidiary Sesa Resources, has bought around 1.5 per cent stake in
Cairn India for over Rs 936 crore, taking its total holding in the oil producer to 20 per cent.
Sesa Goa has acquired 243,07,241 equity shares in the oil producer through a block deal at the Bombay Stock Exchange, while Sesa resources bought 45,00,000 shares. The average price of the acquired shares was Rs 325 apeice.
In a filing to the Bombay Stock Exchange, Sesa Goa said the acquired shares cumulatively aggregate to around 1.5 per cent stake in Cairn India.
"With this acquisition Sesa Goa, along with its subsidiary Sesa Resources, holds 20 per cent of the share capital of Cairn India Limited," it said.
With Sesa Goa's holding going up to 20 per cent, Vedanta's cumulative stake will increase to 30 per cent in Cairn India.
Cairn Energy and Vedanta have already agreed to the other condition of Cairn India paying cess and royalty on crude oil produced from its mainstay Rajasthan oilfields.
The Home Ministry recently gave its approval to Vedanta Resources' buying majority stake in Cairn India for $8.7 billion .
The Home Ministry, while giving the security no-objection certificate, highlighted eight areas of concern, including 64 legal proceedings against Vedanta and its subsidiaries in various courts.
The security clearance was one of the conditions that the government had set for Vedanta group buying 40 per cent stake in Cairn India from UK's Cairn Energy Plc.
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