Cairn to go for IPO next year

New Delhi, July 26 (UNI) Oil exploring giant Cairn Energy said it is going ahead with an Initial Public Offering (IPO) early next year to help drive its explorations plans.

The Edinburg-based company had announced to spend one billion dollar for its Rajasthan block which produces 3.5 billion dollar of oil.

Speaking at a press conference, global CEO Cairn Energy, Bill Gammell said the IPO is likely to hit the market in the fourth quarter of 2007.

UNI RT DKS/CS DS1547