Cairn IPO fully subscribed
11 Dec 2006
Mumbai:
The initial public offer (IPO) of energy exploration company
Cairn India, which opened for subscription with a public
issue of 328,799,675 equity shares of Rs10 each, has been
fully subscribed on the first day itself.
The issue received total bids of more than 43 crore shares
against its issue size, oversubscribing it 1.31 times,
as per NSE website.
The issue received robust response from qualified institutional
buyers, merchant banking sources said.
Carn has fixed the price band of the offer between Rs160 and Rs190. The company plans to raise at least Rs5,260 crore and a maximum of Rs6,247 crore from the issue.
The issue would close on December 15.
Cairn
India would transfer most of the funds raised through
the IPO to Cairn Energy PLC for acquiring shares of Cairn
India Holdings. Part of the funds raised would be used
to develop the Rajasthan oil blocks as also additional
drilling in Ravva and Cambay
fields while some portion
would be used to finance new exploration and additional
exploration contracts that may be awarded in NELP Round
VI.
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