Vedanta – Cairn Buyout<br /><ul><li>Vedanta group to accquire 51% to 60%of Cairn India limited for an aggregate consideration of approximately USS 8.5-9.6 billion in cash.
Post completion it is expected that Vedanta resources PLC(“Vedanta”) will hold 31- 41% of Cairn Indai directly anfSesa Goa limited(“Sesa Goa”) will hold 20%.
Shares accquired from Cairn Energy PLCto be accquired at a price of 355per share; Vedanta will also pay a non-compete fee of 50 per share. </li></li></ul><li>Blackberry Ban<br />India may extend an august 31 deadline in its stand off with research in motion over access to blackberry data.<br />Blackberry security is based on a system where the customers create their own key and the company neither has a master key nor any “black door” to allow rim or any third party to gain access to crucial corporate data.<br />
Defence ties with India not halted<br />As India put on hold bilateral defense exchanges, China on Saturday said that two countries would act in the spirit of “consultation and unity” to develop military ties, but remain mum on issue of denial of permission to a top Indian general to visit here.<br />New Delhi has said Beijing's actions amount to questioning the status of J&K which is unacceptable.<br />
After Indore, SBI plans merger of other siblings.<br />SBI has agreed to pick up any unsubscribed shares in the upcoming Rs.583 crore rights issue of state Bank of Mysore where it holds 92.3% <br />Following the latest merger SBI will be left with five associates :State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore & State Bank of Hyderabad.<br />