Cairn India Mobilizes Rs 2,500 Cr Via Pref Issue

Mumbai: Cairn India Ltd has mobilized Rs 2,534.6 crore through private placements of shares with Petronas and Orient Global Tamarind Fund Pte Ltd. Petronas and Orient Global Tamarind Fund Pte Ltd will buy a total of 113 million shares of Cairn India at Rs 224.30 per share, which comprises of a 0.46 per cent premium to the average closing price of the share on NSE in the last two trading days. With this private placement, Petronas has hiked its stake in the company from 9.93 per cent to 12.7 per cent. The Malaysian company had originally picked up the stake in the Indian company just before its IPO in November 2006.

Cairn India Sees 25pc More Oil Production From Mangala

New Delhi: Cairn India Jan 31, increased the potential plateau production of its Mangala field in Rajasthan by 25 per cent to 125,000 barrels of crude oil a day. The potential of Mangala to produce up to 125,000 barrels of oil a day has led to a review of the optimum scale and scope of Rajasthan (field) development. The Mangala field is part of the RJ-ON-90/1 block in which Cairn is the operator and holds 70 per cent interest. Oil and Natural Gas Corp holds the remaining 30 per cent. The company will submit an amended field development plan for Mangala to the central government this year. The supplement will contain a recommendation to increase the Mangala field plateau production rate consistent with the increased potential of 125,000 barrels a day. Cairn had submitted the original FDP in 2005. The company said the FDP for Bhagyam, the second largest field in Rajasthan block, is awaiting the government''s clearance. Cairn said it has finished the front-end engineering and design for the pipeline project for evacuation of crude from the Rajasthan block.