Cairn India raises $625 million from placement

The subsidiary of Cairn Energy issues shares to Malaysia's Petronas and Singapore-based investor Orient Global in a deal that depresses Cairn India's share price on the local bourse.
Cairn India has raised $625 million through a private placement of 1.13 million shares to Petronas and Orient Global Tamarind Fund. Petronas and Orient Global will buy shares at a price of Rs224.30 $5.55 per share. The issue price represents a marginal half percent premium to the average closing price of Cairn India on the National Stock Exchange on the last two trading days, March 13 and 14.

Cairn India said in its stock exchange filing that it will use the proceeds to fund capital expenditure and for general corporate purposes. Citi and DSP Merrill Lynch advised Cairn India on the share placement.

Petronas is wholly-owned by the Malaysian government and owns petroleum resources in...
¬ Haymarket Media Limited. All rights reserved.

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222