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Indian mining and energy group Vedanta Ltd made a $2.3 billion offer on Sunday to buy out minority shareholders in cash-rich oil unit Cairn India, a deal that helps parent Vedanta Resources Plc repay hefty debts.Shareholders in Cairn India, India’s top private sector oil producer, will get one share in Vedanta Ltd for every share held, the companies said in a joint statement on Sunday.The shareholders will also get one redeemable preference share in Vedanta Ltd with a face value of 10 rupees, making the deal worth roughly $2.3 billion. That implies a premium of 7.3 percent to Cairn’s Friday close and a ratio of 1.04 for 1, marginally better than expectations of a simple 1 for 1 swap.Vedanta began simplifying its complex structure with a 2012 overhaul, but further moves to clean up the group and buy out minorities in its cash generating units have long been awaited by the market. Cairn India has a roughly $2.6 billion cash pile.The deal, expected to close in the first quarter of 2016, is the first major structural change under Vedanta Ltd Chief Executive Tom Albanese, the former Rio Tinto boss appointed last year. He said the deal moved Vedanta closer to its goal of being a major diversified player.Though long-expected, the timing of the Cairn buyout is likely to have been triggered by a sharp drop in Cairn India’s stock as oil prices fell, making for a favourable merger ratio for Vedanta. Cairn India shares have dropped over 50 percent over the past year.MORE TO COMEVedanta Resource Plc, controlled by one-time scrap metal dealer Anil Agarwal, currently holds a majority interest in Mumbai-listed operating unit Vedanta Ltd, which in turn holds a 59.88 percent stake in Cairn India.But Vedanta Ltd also holds other assets, including about 65 percent in Hindustan Zinc, whose minorities are likely to be the next target of the group’s clean-up effort, and aluminium producer BALCO, in which it has a 51 percent stake.Both companies count the Indian government as minority shareholders, limiting Vedanta’s ability to move.”We would look forward to participate in what would likely be an auction at that point in time,” Albanese said on Sunday.Cairn, which in March said it would cut spending by about 60 percent for the fiscal year starting April 1, said those plans, closely watched by India’s government, would be unchanged.Vedanta is also currently contesting a $3.3 billion tax claim from the tax authorities in relation to Cairn India’s 2007 listing. That liability and a $1.2 billion inter-company loan advanced by Cairn India to its parent last year were factored into the deal, Vedanta Chief Financial Officer DD Jalan said.The deal will now have to be approved by regulators but also, under new rules in India, by a majority of the companies’ minority shareholders. Cairn’s largest minority holder is former owner Cairn Energy Plc, which has been looking to sell.Cairn Energy said on Sunday it would assess the proposal.Lazard & Co advised Vedanta Ltd, while JP Morgan Cazenove and Morgan Stanley were joint advisers to Vedanta Plc.read more
Walmart India to open 30 stores in next 3 years Close IBTimes VideoRelated VideosMore videos Play VideoPlayMute0:00/0:00Loaded: 0%0:00Progress: 0%Stream TypeLIVE0:00?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio TrackFullscreenThis is a modal window.The media could not be loaded, either because the server or network failed or because the format is not supported.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … The biggest American multinational retailer Walmart Stores Inc is reportedly in the advanced stages of discussions to acquire a significant minority stake in Flipkart, India’s biggest e-commerce company. The move could give a sturdy competition to their rival Amazon.According to the sources close to the matter, the deal could be finalised by March this year. Key officials from both Walmart and Flipkart held a meeting last week in Bengaluru, on the same matter, the Economic Times reported.IBTimes could not independently verify the report and the officials of Walmart and Flipkart have not given any confirmation on the matter.A spokesperson of Walmart, however, told Economic Times that as per the company policy they do not comment on rumours or speculations.However, if the deal fructifies, it will reinforce Flipkart’s cash pile and help it compete with its biggest rival Amazon. The deal may also involve primary and secondary sales by some long-standing investors.The sources said that Walmart may acquire about 15-20 percent stake in Flipkart.”For Walmart, India is an exciting and priority market. Walmart is deeply committed and proud of creating shared value for local communities, kiranas, small farmers and our local supplier partners in India,” said the spokesperson. The logo of India’s largest online marketplace Flipkart is seen on a building in Bengaluru, India, April 22, 2015.REUTERS/Abhishek N. Chinnappa/File PhotoThe deal could be a gamechanger as it will be very easy for Flipkart to step into the food and grocery business which the e-commerce player has been trying to introduce in India for a long time in a bid to compete with Amazon.Besides benefitting Flipkart, the deal would also lead Walmart to gain access to Flipkart’s database. Both the companies have no online presence in selling any grocery items to the people in India.Walmart India, the local arm of the world’s largest retailer, owns and operates 21 wholesale stores. Recent reports suggest that the company is also set to expand its store network besides focusing on the online presence in the country. It is targeting to open 30 stores in the next three years.read more
A stock broker looks at a television screen in Mumbai as Finance Minister Arun Jaitley presents India’s first unified budget on February 1, 2017.IANSHere are a few stocks that are likely to move in trades on Thursday.Lupin: The drugmaker launched generic Namenda XR capsules – used to treat moderate to severe dementia – in the U.S.UCO Bank: The lender said it will raise Rs 6,507 crore via preferential issue to the government.Hatsun Agro: The board approved raising up to Rs 550 crore via rights issue.Indian Overseas Bank: The lender reduced marginal cost of lending rate by 5-10 basis points across some tenors.Gateway Distriparks: Promoter Prem Kishan Gupta bought 6 lakh shares, or 0.6 percent equity, at Rs 198 each.Nifty 50 exclusion: Aurobindo Pharma, Ambuja Cements and Bosch will be excluded from Nifty 50 starting April 2. They will be replaced by Bajaj Finserv, Grasim and Titan.Cyient: The company’s board approved reduction of non-resident investment from existing 100 percent to 49 percent.Vardhman Special Steels: The company raised Rs 50 crore via QIP.NSE ban: Balrampur Chini, Fortis, GMR Infra, IFCI, Jain Irrigation, and JP Associates.read more
A female school teacher was killed in a road accident near Bhalaipur-Ramnagar bridge in Damurhuda upazila of Chuadanga district on Wednesday afternoon.The deceased is Hasina Begum, wife of a certain late Sujat Ali of Gopalpur village, also a teacher of Mathaldanga High School, reports UNB.Quoting local people, the police said Hasina Begum fell down from the vehicle while she was returning home after visiting a physician around 4:00pm and sustained serious injuries.She was taken to Chuadanga Sadar Hospital where on-duty physician declared her dead on arrival.