Cairn India Ltd issue opens December 11

Jaipur, Dec 1: Cairn India Limited, a newly incorporated Indian company and promoted by the British oil major Cairn Energy Plc is entering the capital market with a public issue of 328,799,675 equity shares of Rs 10 each on December 11.

Addressing a press conference here today Richard Heaton director Exploration of CIL said ''Cairn India is credited with the largest on shore crude oil discovery in India since 1985 when it discovered the Mangala field in Rajasthan. Since then there have been a further 18 additional discoveries in Rajasthan Block''. The oil field life discovered in rajasthan has been estimated to be till 2040.

He said the construction and development work for Rajasthan is partly being funded by the proposed IPO. The price band for the issue has been fixed between Rs 160 and Rs 190 per share. The gross proceeds from the IPO would help Cairn India Limited to raise a minimum of Rs 8616 crore and a maximum of Rs 9947 crore at the lower end and the upper end of the of the price band respectively.

Rolf Stork, Director (Operations) said, ''Cairn India's unique position in India and the importance of its development in Rajasthan is reflected by the estimation that Cairn India will operate about 20 per cent of the country's oil production by 2010''.

UNI