Cairn India

Cairn India to buyback shares worth $1 billion: report

Cairn India to buyback shares worth $1 billion: report

Cairn India Ltd - the oil & gas arm of NRI billionaire Anil Agarwal-led Vedanta Group - will reportedly soon spend nearly $1 billion to buy back shares to increase its parent company's stake in the Indian arm.

Citing anonymous sources, Bloomberg reported on Sunday that the share purchase would include purchasing back Cairn Energy Plc's 10.3 per cent stake in the firm.

Cairn India to consider share buy-back proposal

Cairn India to consider share buy-back proposal

NRI billionaire Anil Agarwal-led Vedanta Group - the promoter of Cairn India Ltd - may soon increase its stake in the Indian energy firm.

Cash-rich Cairn India has confirmed that its board members will hold a meeting on Tuesday to mull over a proposal to buy back shares.

In a fresh filing to the stock exchanges, Cairn said, "A meeting of the board of directors of the company will be held on 26 November 2013, to consider the proposal for buy-back of equity shares of the company."

Cairn India Propose Changes in Approvals for Oil fields in Rajasthan

Cairn India Propose Changes in Approvals for Oil fields in Rajasthan

It has been recently revealed that Cairn India has proposed six changes in the approvals of its oil fields that are in Rajasthan. It has been said that the change if gets approved then they can prove beneficial for domestic exploration industry.

The changes are such that they will reduce the total time taken from discovery to delivery. Experts said that the changes will benefit the entire the acreage. The changes are such that if they gets approved then there will be no need to take a number of approvals, which are needed now to take before a discovery is done.

Cairn India Makes Oil Discovery for 26th Time

Cairn India Makes Oil Discovery for 26th Time

On Tuesday, the 26th oil discovery has successfully been made by Cairn India in its prolific Rajasthan block.

It is, reportedly, after the company was allowed to explore on block for oil, following the exploration phase expiry. It has been found that the exploration work programme was approved by the Management Committee, block oversight panel, on February 14 for the RJ-ON-90/1 block.

Cairn India makes 26th oil discovery in Barmer basin

Cairn India makes 26th oil discovery in Barmer basin

Cairn India, a subsidiary of Vedanta group, on Tuesday announced a new oil discovery in the Barmer basin of Rajasthan.

The discovery made in the RJ-ON-90/1 block in Barmer basin is the company's 26th oil discovery in the Western state of India. The company said in a statement that technical evaluations indicated around ten meters of gross oil column in Dharvi Dungar sands of Raageshwari-Tukaram area.

Cairn India made the discovery after the government permitted oil companies to carry out explorations in development blocks.

Vedanta Stakes 10% Up in Cairn India

Vedanta Stakes 10% Up in Cairn India

Vedanta resources is a London based mining group, which has succeeded in acquiring a 10% stake in Cairn India by purchasing Cairn Energy's Indian subsidiary for $1.5 billion. As per calculations the total cash payout of the deal is Rs. 6,813.16 Crore, as Vedanta has successfully acquired 191.92 million equity shares of Cairn India at Rs. 355 per share.

Exchange rate that both the companies have taken may have a slight difference as according to Vedanta's statement, the acquisition has been priced at $1.505 billion whereas Cairn Energy has put the figures at $1.36 billion.

GoM sets stringent conditions for approving Cairn-Vedanta deal

GoM sets stringent conditions for approving Cairn-Vedanta dealVedanta Resources Plc (VED) had purchased 18.5% stake in Cairn India Ltd.(CAIR) in April and is planning for obtaining approval to buy further 40% stake from U. K.-based Cairn Energy Plc. (CNE).

Vedanta raises $1.65 bn to finance Cairn buy

Vedanta raises $1.65 bn to finance Cairn buyVedanta Resources promoted by Anil Agarwal announced on Friday that it will raise $1.65 billion (R 7,425 crore), through offering bonds for the acquisition of 40% stake in Cairn India. This bond issue will become one of the largest corporate bond issuances by an Indian group.

Oil Ministry to refer Cairn-Vedanta deal to Cabinet

Oil Ministry to refer Cairn-Vedanta deal to Cabinet

According to S. Jaipal Reddy, the Union Oil Minster, the suggested oil assets agreement between Cairn India with Vedanta Resources, amounting to worth of around US$9.6 billion, might just arrive at the cabinet for getting an approval within 2-3 weeks.

Reportedly, Cairn gave a nod to the sale of up to 51% in Cairn India to Vedanta way back in the month of August last year, deciding on a target date of 15th April this year for closing the entire transaction.

Cairn India-Vedanta deal to delay further

Cairn India-Vedanta deal to delay further

The Union oil minister of India, Mr. S. Jaipal Reddy has informed that the proposal of Cairn Energy PLC to sell the controlling stake in its local unit to Vedanta Resources PLC will be produced in front of the federal cabinet. The process will be finalized in two to three weeks of time.