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Cairn India shares were trading down by 0.82 per cent in the noon session on Tuesday as the company’s board is meeting today to consider the buyback price.
Vedanta Resources had acquired a majority stake in Cairn India for about $9 billion in 2011.
Promoters hold 58.76 per cent in Cairn India, of which Twin Star Mauritius holds 38.67 per cent, Sesa Goa 18.38 per cent and Sesa Resources 1.71 per cent. Major non-promoter shareholders include Cairn UK Holdings (10.27 per cent), LIC (8.78 per cent) and ICICI Prudential Dynamic Plan (1.08 per cent).
About 2.5 lakh individual retail investors control 2.5 per cent stake in the company.
Buyback will give the promoters greater control over the company, without even spending a pie. The company has a cash balance of more than $3 billion.
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