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Cairn shares the fruits of India listing
By Upstream staff
British oil explorer Cairn Energy said today it would return to its shareholders the proceeds from the flotation of its Indian subsidiary Cairn India, worth about £481 million (US$942.7 million).
According to the proposal, shareholders would receive £3.00 for each existing ordinary share held, via a B share scheme.
The return will be approved at a Cairn EGM on 22 March.
Sir Bill Gammel, chief executive of Cairn commented: "Following the successful flotation of Cairn India the return of cash to shareholders has been a key priority and I am delighted to be announcing this earlier than was previously anticipated.”
"Shareholders will receive £3.00 per share and the remainder of the proceeds will currently be retained by the business with the aim of creating and realising further value for shareholders in the future,” he added.
Cairn India was floated on the Bombay Stock Exchange and National Stock Exchange of India on 9 January.
Tuesday, 27 February, 2007, 08:09 GMT | last updated: Tuesday, 27 February, 2007, 08:09 GMT
