Cairn India unveils Rs 5,725-cr share buyback plan
27 Nov 2013 11:21 PM GMT
Cairn India on Tuesday said that it will spend up to Rs 5,725 crore to buy back shares, a move which would help promoter Anil Agarwal-led Vedanta Group gain greater control over oil producer without putting any money.
Cairn, which is sitting on a cash pile of about $3 billion, in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding, from open market at no more than Rs 335 apiece.
‘The maximum buyback price represents over 4 per cent premium compared to the average of the weekly high and low of the closing share price of the company during the last two weeks,’ it said.
Cairn, which is sitting on a cash pile of about $3 billion, in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding, from open market at no more than Rs 335 apiece.
‘The maximum buyback price represents over 4 per cent premium compared to the average of the weekly high and low of the closing share price of the company during the last two weeks,’ it said.
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