Cairn India to consider share buy-back next week, move to help Vedanta Group

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As per SEBI rules, Cairn will buy a pre-decided quantity of shares from the market at a rate which is likely to be higher than current trading price. As per SEBI rules, Cairn will buy a pre-decided quantity of shares from the market at a rate which is likely to be higher than current trading price.
SummarySteel billionaire Anil Agarwal-led Vedanta Group holds 58.76 per cent stake in Cairn India.

buys 10 per cent of 19.10 crore shares in the buy back programme and extinguishes them, the total outstanding shares will come down to 171.945 crore. The reduced outstanding shares would mean that Vedanta Group's stake would rise to about 65.3 per cent without it buying any new shares.

Cairn, which produces over 1,75,000 barrels per day of oil or a quarter of India's crude oil production, was up Rs 9.45 (2.98 per cent) at Rs 326.70 at 1300 hours on the BSE.

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