CAIRN INDIA LTD.

CAIRN INDIA LTD. - Updates

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12 May 2016
Cairn India Ltd has informed BSE that Cairn India Holdings Limited (CIHL), an overseas subsidiary of Cairn India Limited, has decided to extend maturity of the loan of USD 1.25 billion, which was given for a term of two years in May, 2014, to THL Zinc Limited (TZL), an overseas subsidiary of Vedanta Limited, for a further period of two years.<BR><BR>The extension is on arm's length at a revised rate of interest of LIBOR + 450 bps in the first year and at LIBOR + 475 bps in the second year (compared to the existing rate of LIBOR + 300 bps) and is on terms that are market standards including change of control provisions and will continue to be secured by a guarantee from Vedanta Resources Plc.<BR><BR>The return from the said loan will provide higher yield to CIHL compared to the return it is earning from its existing investments out of its cash and cash equivalents, which are in USD.<BR><BR>TZL is the holding company of the Vedanta Group's international Zinc business, with assets in South Africa and Namibia.
View all announcements for CAIRN INDIA LTD.	Source: BSE India

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