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Cairn to exit from Anglo American Plc

Cairn to exit from Anglo American Plc

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  27 July 2019 7:37 AM GMT

New Delhi: Indian billionaire Anil Agarwal-controlled Vedanta Ltd will exit from its interest in Anglo American Plc by divesting entire stake held in the mining company through structured investments in equity shares by its group entities.

The company on Friday announced that Cairn India Holdings Limited (CIHL), an overseas subsidiary of Vedanta Ltd, and Volcan Investments Limited, a family trust of Agarwal, have agreed to unwind entirely the structured investment entered between them in December 2018 ahead of the originally envisaged schedule.

In December 2018, CIHL purchased an economic interest in Anglo American through a structured investment by buying equity shares held by Volcan Investments for a total consideration of Rs 3,812 crore.

This structured investment made through bonds secured by shares in Anglo American was to mature in parts in April 2020 and October 2020. But Cairn is exiting the same ahead of the originally envisaged schedule.

“With this, Volcan will exercise the early exchange option available to it on July 26 2019,” Vedanta Ltd said. (IANS)

Also Read: Cairn to launch world’s largest oil recovery project in Rajasthan

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