Cairn India: Buyback may kickstart soon

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.