Advertisement
UK markets closed

  • FTSE 100

    8,433.76
    +52.41 (+0.63%)
     

  • FTSE 250

    20,645.38
    +114.08 (+0.56%)
     

  • AIM

    789.87
    +6.17 (+0.79%)
     

  • GBP/EUR

    1.1624
    +0.0013 (+0.11%)
     

  • GBP/USD

    1.2529
    +0.0005 (+0.04%)
     

  • Bitcoin GBP

    48,144.05
    -1,420.64 (-2.87%)
     

  • CMC Crypto 200

    1,252.78
    -105.23 (-7.75%)
     

  • S&P 500

    5,219.64
    +5.56 (+0.11%)
     

  • DOW

    39,482.36
    +94.60 (+0.24%)
     

  • CRUDE OIL

    78.27
    -0.99 (-1.25%)
     

  • GOLD FUTURES

    2,376.10
    +35.80 (+1.53%)
     

  • NIKKEI 225

    38,229.11
    +155.13 (+0.41%)
     

  • HANG SENG

    18,963.68
    +425.87 (+2.30%)
     

  • DAX

    18,772.85
    +86.25 (+0.46%)
     

  • CAC 40

    8,219.14
    +31.49 (+0.38%)
     
MONEY:

Best savings accounts that offer above inflation rates

How to earn the most interest on your savings

Vedanta Resources shareholders approve Cairn India share buyback

Reuters - UK Focus

Jan 13 (Reuters) - Mining (LSE: MIR.L - news) conglomerate Vedanta Resources Plc (Other OTC: VDNRF - news) said it received 99.89 percentage of votes in favour of a proposed share buyback worth up to 57.25 billion rupees ($924 million) by its Indian oil and gas unit Cairn India Ltd.

London-listed Vedanta held an extraordinary shareholder meet on Monday to approve the buyback.

Cairn India, which announced the buyback in November, said the move would result in a maximum reduction of its equity capital by about 8.9 percent.

The buyback comes against a backdrop of strong cash flows generated by the company. Vedanta, controlled by billionaire Anil Agarwal, acquired a majority stake in Cairn India for almost $9 billion in 2011.

ADVERTISEMENT

Britain's Cairn Energy (LSE: CNE.L - news) owns 10.3 percent of Cairn India but Vedanta said in November the buyback was not aimed at reducing that stake.

Shares in Vedanta, whose request to mine bauxite in the eastern state of Odisha was turned down by India's environment ministry last week, were up 0.6 percent at 877.5 pence on the London Stock Exchange (Other OTC: LDNXF - news) at 1242 GMT.