Wednesday, March 19, 2008

Cairn raises 2534 Cr. with 5.37% stake sale

Cairn India, Indian arm of British O&G co. Cairn Energy decided to sell 5.37% to Malaysian Petronas, and Singapore-based Orient Global Tamarind Fund for Rs 2,534 crore ($625 million) for funding Capex.

Of the 113Mn. shares, 63.3 Mn shares go to Petronas & 49.7 Mn to Tamarind at Rs.224.3 each with a 1 year lockin. Funds will be utilised for capex at Mangala, Rajasthan, by next year.

For details of Cairn Operations read Business Standard.

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