Anil Agarwal Group company Cairn India Ltd said it will buy back shares at a maximum price of Rs 335 a share from existing shareholders other than the promoter group. The company will spend Rs 5,725 crore for the buyback. The stock closed at Rs 324, down 2.09 per cent, on the BSE on Tuesday. The company’s board on Tuesday approved the buyback proposal.
Currently, promoters hold 58.76 per cent stake in Cairn India. About 2.5 lakh individual retail investors hold 2.5 per cent stake in the company.