Anil Agarwal-led Vedanta Resources on Friday said it has reduced the size of the bridge loan needed for acquiring stake in
Cairn India to $270 million from $1 billion proposed earlier.
"The size of the bridge to equity facility was originally $1 billion. Vedanta has permanently reduced this by $730 million and it currently stands at $270 million," it said in a filing to the London Stock Exchange.
The company, however, did not elaborate on the reasons for cutting down the loan size.
Vedanta deal: Cairn accepts conditions As of today,
Vedanta needs to pay $4.5 billion for acquiring 30 per cent stake in Cairn India, the statement said.
Edinburgh-based Cairn Energy Plc is selling stake in its Indian unit to London-listed mining group Vedanta Resources.
In all, Cairn Energy will get $6.02 billion from selling 40 per cent stake in Cairn India to Vedanta. Post the open offer, total deal size is expected to be around $9 billion.
Vedanta had already received conditional approval from the Government of India for buying majority stake in Cairn India. The shareholders of the oil firm are required to vote on the transaction by September 10.
"Vedanta continues to work with Cairn Energy towards the completion of the transaction," the statement said.
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