Cairn India slipped 3.90% to Rs 219.50 at 12:32 IST on BSE after the company said it plans to raise $625 million, or Rs 2534.6 crore via private placement of shares.
The company made the announcement during market hours today, 17 March 2008.
The scrip had touched a high of Rs 223.60 and a low of Rs 214 so far during the day. The stock had hit a 52-week high of Rs 268.50 on 7 January 2008 and a 52-week low of Rs 120.60 on 28 March 2007.
The large-cap natural gas and oil exploration firm has an equity capital of Rs 1778.40 crore. Face value per share is Rs 10.
Two investors viz. Petronas and Orient Global Tamarind Fund have agreed to purchase a total of 113 million shares of Cairn India at Rs 224.30 per share. The net proceeds of the private placement will be used to fund capital expenditure and for general corporate purposes. These shares will be locked in for a period of one year from the date of allotment.
Following the private placement, Petronas will own approximately 12.7%, of the equity share capital of Cairn India as enlarged by the private placement and Orient Global Tamarind Fund will own approximately 2.6% of the enlarged equity share capital of Cairn India.
Cairn India reported a net loss of Rs 8.39 crore on net sales of Rs 0.28 crore in Q3 September 2007.
The company’s principal activity is to explore, develop and produce crude oil and natural gas.
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