Vedanta Resources, the Anil Agarwal-led mining major, has sold its 84.2% stake in Sterlite Gold to Georgia’s GeoProMining for $86 million. The Canada-listed Sterlite Gold’s main assets include gold mines in Armenia.
The deal comes a year after Vedanta acquired Sterlite Gold for around Rs 300 crore, a step believed to be in line with the LSE-listed group’s global ambitions. But problems with the local government are believed to have led to the group’s exit from Armenia.
GeoProMining had made an all-cash offer to Vedanta Resources at a price of $0.3845 per share of Sterlite Gold, amounting to $86 million. “In addition, GeoProMining has agreed to repay Sterlite Gold’s debt of around $25 million to Vedanta Group companies. The carrying value of Vedanta’s investment in Sterlite Gold was $83 million on June 30, 2007,”said a source.
Read more in The Economic Times article.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment