Cairn India is all set to start buying back shares from January 23 and the buyback will be open until July 22. In this regard, the exploration company will spend up to Rs 5,725 crore. The purchase may include a part of the 10.3% stake held by former promoter Cairn Energy Plc.
The company already received shareholder approval to buy 17.09 crore shares, or 8.9% of the equity, from the open market at not more than Rs 335 apiec.
After completion, Agarwal’s Vedanta Group ownership in Cairn India will rise to 64.53% from 58.76%.
Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boepd in Q3 FY2012-13. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.
The company already received shareholder approval to buy 17.09 crore shares, or 8.9% of the equity, from the open market at not more than Rs 335 apiec.
After completion, Agarwal’s Vedanta Group ownership in Cairn India will rise to 64.53% from 58.76%.
Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boepd in Q3 FY2012-13. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.
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