Cairn India to enter capital market

Visakhapatnam, Dec 11: The Cairn India Ltd Director Stragy P Elango today said the crude oil and natural gas exploration and production company was entering the capital market with a public issue of 328,799,675 equity share of Rs 10 for cash, at a premium to be decided through a 100 per cent book-building process.

Talking to mediapersons here, he announced the deatils of IPO.

The company had a long history in the country, Mr Elango added.

He said Cairn's unique position in the country and the importance of its development in Rajasthan. Cairn India would operate approximately 20 per cent in the country's oil production by 2010, assuming Indian production would remain in the current level and production from the Rajasthan block's northern fields to fulfill its target production rate of approximately 150,000 bopd.

The public issue would open for subscription and bids today and expected to go till Dec 15, he added.

UNI