BANKING
| Cairn deal not yet cleared: SEBI Tue, 15 Mar 2011 |
| NEW DELHI: Market regulator Securities and Exchange Board of India (SEBI) on Monday said it has not yet cleared Vedanta group's open offer for Cairn India, a mandatory requirement for conclusion of London-based mining group's $9.6 billion acquisition to make foray into the oil sector. SEBI's official website earlier showed that the regulator had cleared Vedanta group's Rs.13,610-crore open offer for acquiring 20 per cent stake in Cairn India. But soon after, the market regulator corrected the information, saying that the issue was still under process. Its website www.sebi.gov.in showed the status of the open offer as “under process”, a contrast from what had appeared earlier in the day. SEBI officials said that it was “an inadvertent error”. — PTI |
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