Cairn India IPO priced at 160 rupees per share (AFP)
18.12.2006 05:36 Science - Source: Yahoo Science
Edinburgh-based Cairn Energy had last month set a price range for the IPO at 160-190 rupees per share.
On Monday, the Cairn Energy said the flotation would involve the issue of about 538.47 million Cairn India shares and generate gross proceeds of 86.16 billion rupees, or 1.93 billion dollars.
On Saturday the Mumbai stock exchange said the IPO has been oversubscribed 1.3 times.
After the sale, Cairn Energy will hold a 69.5-percent stake in the unit, which announced major discoveries of oil and gas in India's western desert state of Rajasthan last year.
In July, Cairn signed a one billion dollar agreement with more than a dozen banks to develop the Mangala, Aishwariya, Saraswati and Raageshwari oilfields in the Rajasthan basin, where the company estimates reserves of nearly 3.5 billion barrels of oil.
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