Cairn india buyback of shares
The move will enable promoters Vedanta Group to increase stake in the company without putting any money. Cairn India Ltd board will on Tuesday consider a proposal to buy back shares, a move which will help promoters Vedanta Group increase its stake in the company without putting any money.
Cairn India Limited Board Proposes Buyback Of Equity Shares - Pg.2 - TheStreet
Share buy-back is the process where a company re-purchases outstanding shares in order to reduce the number of shares on the market. Companies, as a rule, buy back shares either to increase the value of shares still available reducing supply , or to eliminate any threats by shareholders who may be looking for a controlling stake.
As per Security and Exchanges Board of India Sebi rules, Cairn will buy a pre-decided quantity of shares from the market at a rate which is likely to be higher than current trading price. Such shares will be held as treasury stock and eventually extinguished.
Steel billionaire Anil Agarwal -led Vedanta Group holds Vedanta Group had bought stake in Cairn India at Rs. While share buy-back is considered an efficient means of returning capital to shareholders, it also indicates that the company is not looking at doing major acquisitions or has significant capex plans that may need its current cashpile. Analysts said Vedanta holds Cairn UK Holdings Ltd has ICICI Prudential hold 1.
Cairn India to consider share buyback on Tuesday - The Hindu
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Fri, Nov 22 Cairn India Vedanta share buy-back.
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