Vedanta shareholders approve deal with Cairn

• Shareholders of Vedanta Resources Plc have approved the proposed acquisition of majority stake in Cairn India for up to $ 9.6 billion, said an official of the London-listed mining group.
• Vedanta on August 16 announced buying the Edinburgh-based Cairn Energy Plc's 40-51 per cent stake in its Indian unit and an additional 20 per cent through an open offer to minority shareholders of Cairn India.
• According to the official, to fund the deal, Vedanta has secured a syndicated term loan of up to $ 3.5 billion from a consortia of banks. It has taken two bridge loans of $ 1.5 billion and $ 1 billion to finance the transaction.
• Vedanta also hopes to get Indian market regulator SEBI's nod for acquiring an additional 20 per cent stake from minority shareholders of Cairn India by month-end and may launch an open offer in the early part of January 2011.
• Besides the shareholder nod, the deal is also conditional on completion of the open offer. It will lapse if the conditions are not satisfied or waived on or before April 15