Cairn India files DRHP with SEBI for IPO

Mumbai, Oct 12 (UNI) Cairn India Ltd, promoted by Cairn Energy PLC, a company incorporated in Scotland and a member of the FTSE 100 on the London Stock Exchange, has today filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) to enter the Indian capital market with an initial public offering.

Announcing this, Cairn's press release said the company proposes to offer 538.47 million new equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book-building process.

It may also grant an over-allotment option in accordance with SEBI guidelines.

Cairn Energy PLC will own a 69.5 per cent holding in Cairn India following the flotation (excluding any exercise of the over-allotment option).

Of the issue to the public, at least 60 per cent will be allotted to qualified institutional buyers on a proportionate basis, not less than 10% will be available for allocation on a proportionate basis to non-institutional investors and not less than 30 per cent will be available for allocation to retail bidders on a proportionate basis.

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