India's Vedanta to buy out minority shareholders in unit Cairn India

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Shareholders in Cairn India, India's top private oil producer, will get one share in Vedanta Ltd for every held, the companies said in a joint statement after their boards approved the transaction on Sunday. They will also get one redeemable preference share in Vedanta Limited.

Debt-burdened Vedanta began simplifying its byzantine structure with a 2012 overhaul, but further moves to simplify the group and buy out minorities in cash-rich subsidiaries have long been awaited by the market. Cairn India has a $2.6 billion cash pile.

(Reporting by Aman Shah; Writing by Sumeet Chatterjee; Editing by Clara Ferreira Marques)