Cairn India Trading Commences
Cairn Energy PLC said that, following approval by the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE) on 5 January 2007, trading commenced Tuesday in the shares of its Indian subsidiary, Cairn India Limited (Cairn India) on the BSE and the NSE.
DSP Merrill Lynch Limited as stabilizing agent has over-allocated 33 million further Cairn India shares. In connection with the issue, the stabilizing agent may undertake stabilizing transactions with a view to supporting the market price of Cairn India shares in the period commencing on the obtaining of trading approval from the stock exchanges referred to above and ending 30 calendar days thereafter, unless terminated earlier. The stabilizing agent has been granted an option to acquire further shares from Cairn India to cover over-allocations that are not covered by stabilizing transactions. There is no assurance that stabilization will be undertaken and, if commenced, it may be discontinued at any time.
ABN AMRO Rothschild and Merrill Lynch are acting as joint global coordinators and bookrunners and Morgan Stanley as bookrunner in relation to the flotation.
Sir Bill Gammell, Chief Executive of Cairn Energy PLC, commented:
"I am delighted that we have been able to achieve our strategic goal of creating an autonomous business and management team for our world-class assets in India. I firmly believe that the Indian listing will create enhanced opportunities for Cairn, Cairn India, their respective shareholders and other stakeholders in the future. The flotation is a tremendous achievement and is a testament to the Cairn ethos of making things happen on a fast-track basis."
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