Green signal to Cairn-Vedanta deal with SEBI nod?

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Mumbai, Mar 19: Securities and Exchange Board of India (SEBI) has, finally, nodded for the much waited deal between Vedanta Resource and Cairn India. It is believed that the deal was not possible without SEBI's approval.

The deal between Vedanta and Cairn India is reportedly of whopping $9.6-billion (Rs43,200 crore). Though several media reports also claimed that the deal is yet to get the final approval from SEBI. Sources reported that market regulator has laid down conditions before the two companies to go ahead with the deal.

SEBI had cleared its open offer for a 20-per cent stake in Cairn at Rs355 a share, and the company is in receipt of the letter, a Vedanta group official, on the condition of unanimity informed.

An official of SEBI also claimed that Vedanta and Cairn officials had misinterpreted SEBI's statement as it had not given its final permission.

The deal is also yet gain the approval from the government on account of differences over who will bear the royalty burden on production from Cairn's Rajasthan block.

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