Nov 25, 2013, 09.00 AM IST
The share purchase will include buying back Cairn Energy Plc's 10.3 percent stake in the company, Bloomberg said citing one of the sources.
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Cairn India to spend $1bn on buyback: Report
The share purchase will include buying back Cairn Energy Plc's 10.3 percent stake in the company, Bloomberg said citing one of the sources.
Like this story, share it with millions of investors on M3
Cairn India to spend $1bn on buyback: Report
The share purchase will include buying back Cairn Energy Plc's 10.3 percent stake in the company, Bloomberg said citing one of the sources.
The share purchase will include buying back Cairn Energy Plc's 10.3 percent stake in the company, Bloomberg said citing one of the sources.
Mining conglomerate Vedanta, controlled by billionaire Anil Agarwal, acquired a majority stake in Cairn India for almost USD 9 billion in 2011. Since then, Cairn India played a pivotal role in boosting revenue and production even as Vedanta's mining business in India faced regulatory hurdles and mining restrictions.
The plan may help Sesa Sterlite and Agarwal's other subsidiaries increase ownership in Cairn India to more than 65 percent from 59 percent, the source told Bloomberg.
Cairn India's board is expected to meet on November 26 to consider a buyback.
Vedanta and Cairn Energy could not immediately be reached for a comment outside regular business hours.
Earlier this month, Vedanta said Cairn India was on track to hit its 2014 production target, previously put at 225,000 barrels of oil equivalent per day.
Cairn India stock price
On November 25, 2013, at 09:20 hrs Cairn India was quoting at Rs 328.70, up Rs 1.75, or 0.54 percent. The 52-week high of the share was Rs 349.90 and the 52-week low was Rs 267.90.
The company's trailing 12-month (TTM) EPS was at Rs 99.60 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 3.3. The latest book value of the company is Rs 0.00 per share. At current value, the price-to-book value of the company is 0.00.
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