Cairn Energy says will start buyback with $1 bn tax refund from Indian Govt

Cairn Energy says will start buyback with $1 bn tax refund from Indian Govt

Plc today announced that it would use proceeds of $1 billion tax refund from the Indian government to initiate a buyback of its shares at a later date.

It has also commenced an initial share repurchase programme of its ordinary shares up to £20 million as a prelude to the anticipated larger buyback programme to commence following receipt of the Indian tax refund, said the company in a press statement.

Cairn has entered into non-discretionary arrangements with Morgan Stanley & Co. International Plc in relation to the purchase by Morgan Stanley, acting as principal during the period commencing on 15 November 2021 and ending no later than January 31, 2022, of ordinary shares in the share capital of the company for an aggregate purchase price of no greater than £20 million and the on-sale of such shared by Morgan Stanley to Cairn.

Any purchases of Ordinary Shares contemplated by this announcement will be effected within certain pre-set parameters and will be executed in accordance with the relevant regulations. Cairn will announce any market repurchase of ordinary shares no later than 7:30 am on the business day following the calendar day on which the repurchase occurred. To the extent permitted by law, ordinary shares purchased under the current programme will be cancelled.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link