Cairn Energy says will start buyback with $1 bn tax refund from Indian Govt

Cairn Energy Plc today announced that it would use proceeds of $1 billion tax refund from the Indian government to initiate a buyback of its shares at a later date.

It has also commenced an initial share repurchase programme of its ordinary shares up to £20 million as a prelude to the anticipated larger buyback programme to commence following receipt of the Indian tax refund, said the company in a press statement.

Cairn has entered into non-discretionary arrangements with Morgan Stanley & Co. International Plc in relation to the purchase by Morgan Stanley, acting as principal during the period commencing