Cairn Energy EGM on Nov 17 for IPO
Cairn has invested about 2 billion dollars in the Indian sub-continent in the past 10 years.
By PTI |
NEW DELHI: Cairn Energy Plc shareholders will meet on November 17 to approve an initial public offering (IPO) of the company's Indian business.
Cairn posted a circular to its shareholders, convening an extraordinary general meeting to seek approval for the proposed flotation of its Indian business, Cairn India Ltd on the Bombay Stock Exchange and National Stock Exchange, a company release said here.
Cairn Energy Plc chief executive and Cairn India Ltd non-executive chairman Bill Gammell said. "This is an important milestone in our progress toward achieving a flotation of the Indian business at the end of this year. The roadshow for the pre-flotation private placing has now commenced.
"I firmly believe that a successful flotation is in the best strategic interests of Cairn India business and will provide an opportunity to realise value for shareholders," he added.
The company plans to raise an estimated 2 billion dollars in an initial sale of shares by Cairn's Indian subsidiary, formed in September.
Cairn has invested about 2 billion dollars in the Indian sub-continent in the past 10 years and plans to invest 1.5 billion dollars in the next three years, mostly in developing the Rajasthan oilfield.
Cairn India plans to sell 538.47 million shares, reducing Cairn Energy's stake to 69.5 per cent.
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