Buyback price to navigate Cairn India

The stock of Cairn India will react to the buyback price to be announced by the company's board, which is meeting on Tuesday to consider the proposal. Shares of Cairn, which is sitting on a cash pile of about $3 billion, jumped immediately on Friday after the announcement. Major shareholders include Life Insurance Corp (16.77 crore shares or 8.78 per cent). ICICI Prudential holds 1.08 per cent and FIIs 15.14 per cent in the company. Financial institutions and banks have a presence of 8.7 per cent in the company. Besides price, analysts are also keen on the size.