Shares of Cairn India surged as much as 13 per cent high as Britain’s Cairn Energy Plc is set to vote against Vedanta Ltd’s $2.3 billion buyout offer for Cairn India’s minority shareholders today.
At 10:57 am, Cairn India stocks traded 6.26 per cent up on BSE and 6.47 per cent
Cairn Energy’s objections were over “fundamental disagreements over valuations”, and its preference for “holding an investment in an energy company rather than a distributed resources group,” the newspaper said, citing one person with direct knowledge of the matter.
News of Cairn Energy’s objections comes a day after Cairn India chief Mayank Ashar said the merger was on track.