ONGC unlikely to preempt Cairn-Vedanta deal as price too high - Economic Times

By
Viraj
on September 4, 2011 6:09 PM | | TrackBacks (0)
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) is unlikely to exercise its preemption rights to acquire Cairn India as it finds the reduced price of Rs 355 a share that Vedanta Resources is paying for the company still too high.

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ONGC had appointed SBI Caps to do an independent valuation of Cairn India and a few weeks back, it got the draft valuation report, sources privy to the development said. The report outlines Cairn India's valuation under different scenarios of production and crude oil prices. ONGC, they said, has interpreted the valuation report to conclude that Cairn India is worth much less than the Rs 355 a share price that London-listed mining group Vedanta is paying.

ONGC unlikely to preempt Cairn-Vedanta deal as price too high - Economic Times

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This page contains a single entry by Viraj published on September 4, 2011 6:09 PM.

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