Shares of Cairn India will remain in focus this week, as the company’s buyback window may start anytime soon. The company recently informed the exchanges that it got shareholders approval to launch the buyback plan. In November, the Cairn India board approved Rs 5,725-crore buyback programme through which it plans to mop up 17.09 crore shares at a maximum price of Rs 335 apiece. The stock on Friday closed at Rs 322.6 on the BSE. Promoter currently holds a 58.76 per cent stake in the company. Foreign investors increased their stake in the December quarter to 16.32 per cent from 15.14 per cent (September-end), while domestic funds’ stake fell to 10.32 per cent (11.2 per cent). About 2.5 lakh individual shareholders control a mere 2.5 per cent stake in the oil company.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.