Cairn India Arranges $625 Million Private Placement
At the time of the IPO of Cairn India in December 2006, Cairn retained a 69% holding in Cairn India. As a result of the private placement by Cairn India of approximately Rupees (Rs) 25,346 million ($625 million) with Petronas and Orient Global Tamarind Fund Pte Limited, the holding will reduce from 69% to 65%.
The proposed private placement by Cairn India requires shareholder approval which will be sought at a meeting to be held on 16 April 2008; Cairn intends to vote in favour of the proposal.
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