Vedanta Group firm Sesa Goa on Wednesday said it will come out with open offer by 11 April to acquire up to a 20% additional stake in Cairn India at Rs355 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 $9.6 billion deal, wherein UK-based Vedanta Group entered into an agreement with Cairn Energy Plc for taking an over 51% stake in Cairn India, is expected to be cleared by the Cabinet Committee on Economic Affairs in the afternoon. The company made this announcement following conditional clearance from market regulator Sebi on Tuesday for the open offer.

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

Following the announcement, the scrip of Sesa Goa was up by 3.85% at Rs326.30 at 02:00 pm on the Bombay Stock Exchange, while Cairn India shares were trading in the red and were down by 3.90% at Rs. 351.00 apiece.