Dates set for Cairn India vote

SHAREHOLDERS in Cairn India will vote on conditions imposed by the Indian government on the sale of a majority stake in the firm on 10 September, with results due to be announced four days later.

By The Newsroom

Published 19th Aug 2011, 22:46 BST

The government approved Cairn Energy’s sale of the stake in its Indian business on the condition the firm pays royalties on crude output. Buyer Vedanta Resources yesterday confirmed it had the $4.5 billion (£2.7bn) funding required to complete the deal in place until 15 December but that it had reduced the amount of its “bridge to equity facility” with its lenders from $1bn to $270m.