Cairn India is trading higher by 1.4% at Rs 329 after the company said that its proposed share buyback offer will commenced from 23 January 2014.
The stock opened at Rs 326 and touched a low of Rs 325 so far on the NSE. A combined 894,000 shares have changed hands on the counter so far on the NSE and BSE.
The buyback offer will close on 22 July 2014. The Buyback would be done from the open market through the Stock Exchanges, at a price not exceeding Rs 335 per share, up to an aggregate amount not exceeding Rs 5,725 crore, Cairn India said in a public announcement.
The Board of Directors of the company in its meeting held on November 26, 2013 has approved a proposal for the buyback of equity shares of the company from its existing shareholders, other than the company's promoters, promoter group, persons in control and persons acting in concert.
Promoter currently holds a 58.76% stake in the company. Foreign investors holds 16.32% stake, followed by domestic institutional investors (10.32%), while the remaining 14.57% stake are with the individual shareholders and bodies corporate.
The stock opened at Rs 326 and touched a low of Rs 325 so far on the NSE. A combined 894,000 shares have changed hands on the counter so far on the NSE and BSE.
The buyback offer will close on 22 July 2014. The Buyback would be done from the open market through the Stock Exchanges, at a price not exceeding Rs 335 per share, up to an aggregate amount not exceeding Rs 5,725 crore, Cairn India said in a public announcement.
The Board of Directors of the company in its meeting held on November 26, 2013 has approved a proposal for the buyback of equity shares of the company from its existing shareholders, other than the company's promoters, promoter group, persons in control and persons acting in concert.
Promoter currently holds a 58.76% stake in the company. Foreign investors holds 16.32% stake, followed by domestic institutional investors (10.32%), while the remaining 14.57% stake are with the individual shareholders and bodies corporate.
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