FT – Cairn India plans buyback

Cairn India, the cash-rich oil and gas group, will buy back more than $900m of shares, providing a possible exit route for former UK sister company Cairn Energy.

In a meeting on Tuesday the board of Cairn India, owned by London-listed mining and energy group Vedanta Resources, approved plans to purchase up to Rs57.3bn ($916m) of stock from existing shareholders – aside from Vedanta – through the open market for up to Rs335 per share. (Read more… http://www.ft.com/intl/cms/s/0/6570633e-56ac-11e3-8cca-00144feabdc0.html#axzz2lnEFsoJx)

(English, Article, 2013)


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