Cairn India ended marginally higher at Rs 280.
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(Updated at 1000 hrs)
Cairn India is trading up Rs 4 or 1.6% at Rs 283 on the BSE on reports that it has raised funds worth $1.6 billion from domestic and overseas lenders to repay an existing debt and focus on the Rajasthan Project, where crude oil production commenced a week ago.
The stock opened at Rs 265 and has touched a high of Rs 285 so far.
Cairn had borrowed $750 million in US dollars and Rs 4,000 crore (about $850 million) in rupees. The international borrowing consists of a fully underwritten portion of $500 million from Standard Chartered Bank, UK and a $250-million loan from International Finance Corp, a member of the World Bank Group. The domestic borrowing has been underwritten by State Bank of India.
