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Cairn fixes price band at Rs. 160-Rs. 190
HYDERABAD
: Cairn India, a crude oil and natural gas exploration and production company, will enter the capital market with a maiden public offer of 32.87 crore equity shares of Rs. 10 for cash. The price band of the issue, to be decided through 100 per cent book building process, has been fixed at Rs. 160 to Rs. 190 per share. The gross proceeds from the issue will help Cairn India raise a minimum of Rs. 8,616 crore and a maximum of Rs. 9,947 crore. The offer opens on December 11 and closes on December 15. Announcing the offer here on Tuesday, Cairn India Director (Exploration) Richard Heaton said 30 per cent of the net offer would be available for allotment for retail investors on a proportionate basis after reserving 60 per cent of shares to qualified institutional buyers and 10 per cent to non-institutional investors.
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