Cairn Energy to return part of IPO proceeds to British shareholders
11 Apr 2007
New Delhi: UK-based Cairn Energy, the parent firm of Cairn India, has announced plans to return part of its IPO proceeds to its British shareholders.
The company said it has made a Future Purchase Offer to the shareholders to purchase the 2,874,153 ''B shares'' at a price of £3 each.
The Oil exploration major had raised over Rs5,000 crore through the initial public offer of Cairn India, which was listed on the Bombay Stock Exchange and National Stock Exchange.
''B shares'' have partial ownership rights and the shareholders of such shares may or may not be certificated form. The ''B shares'' were issued to shareholders earlier as a means of returning cash to investors after Cairn Energy raised funds in India through IPO of its subsidiary Cairn India.
Settlement of the purchase of the ''B shares'' purchased under the Future Purchase Offer would be made on 16 April 2007, it said.
Cheques
would be dispatched to shareholders whose ''B shares'' are
held in certificated form, while those holding shares
in uncertified form would be credited with the proceeds
of sale, it added.
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