Millennium Post
Business

Cairn India to start Rs 5,725-cr share buyback on 23 Jan

Mining baron Anil Agarwal's Cairn India Ltd will spend up to Rs 5,725 crore to buy back shares to give him greater control over the nation's largest private oil producer.

The exploration company will buy back shares from 23 January and extinguish them. The purchase may include a part of the 10.3 per cent stake held by former promoter Cairn Energy Plc.

Cairn India, which is sitting on a cash pile of about $3 billion, received shareholder approval to buy 17.09 crore shares, or 8.9 per cent of the equity, from the open market at not more than Rs 335 apiece, a public notice said. The buyback will be open until 22 July. After completion, Agarwal's Vedanta Group ownership in Cairn India will rise to 64.53 per cent from 58.76 per cent.
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