New Delhi: Vedanta Group firm Sesa Goa on Wednesday said it will launch open offer on April 11 to acquire up to a 20 per cent additional stake in Cairn India at Rs 355 per share.

The company’s decision to go ahead with the open offer is subject to government approval, Sesa Goa said in a filing to the Bombay Stock Exchange (BSE).

The London-listed mining firm had channeled the deal through its subsidiary Sesa Goa.

“Sesa Goa is required to launch the open offer by April 11 at a price of Rs 355 per Cairn India share. The acquisition of 51-60 per cent of Cairn India by the Vedanta Group remains conditional on receipt of government of India consents,” the filing said.

The company made this announcement following conditional clearance from market regulator SEBI on Tuesday for the open offer.

The USD 9.6 billion deal, wherein UK-based Vedanta Group made an agreement with Cairn Energy Plc for acquiring over 51 per cent stake in Cairn India, is likely to be cleared by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday.

The government clearance will pave the way for Vedanta Resources to enter the oil business through Cairn India, which operates the Mangala oilfield in Rajasthan -- the largest on land domestic oilfield, among others.

Both Cairn Energy and Vedanta have kept a timeline of April 15 to close the transaction, which may have to be extended following the new developments.

As per the deal, Sesa Goa would acquire a 40 per cent stake from Edinburgh-based Cairn Energy Plc for USD 6.65 billion and make an open offer to acquire another 20 per cent from Cairn India's other stockholders.

Sesa Goa had offered to acquire up to a 20 per cent stake from public shareholders at a price of Rs 355 per share.

Open offers worth Rs 13,631 crore were first scheduled to open on October 11 and close on October 30.

(Agencies)