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Our Bureau

New Delhi , Nov. 1

Cairn Energy Plc said on Wednesday that its shareholders would meet on November 17 to approve an initial public offering (IPO) of the company's Indian business. The company said in a statement that it has posted a circular to its shareholders for convening an extraordinary general meeting to seek approval for the proposed flotation of its Indian business, Cairn India Ltd, on the Bombay Stock Exchange and National Stock Exchange.

The Cairn Energy Plc Chief Executive and Cairn India Ltd non-executive Chairman, Sir Bill Gammell, said: "This is an important milestone in our progress toward achieving a flotation of the Indian business at the end of this year. The roadshow for the pre-flotation private placing has now commenced. I firmly believe that a successful flotation is in the best strategic interests of Cairn India business and will provide an opportunity to realise value for shareholders."

Cairn plans to raise an estimated $2 billion in an initial sale of shares by Cairn's Indian subsidiary, formed in September. Cairn has invested over $2 billion in the past 10 years and plans to invest $1.5 billion in the next three years, mostly in developing the Rajasthan oilfield. Cairn India plans to sell 538.47 million shares, with the parent Cairn Energy's stake at 69.5 per cent.

More Stories on : IPOs | Petroleum

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