Cairn India has rallied nearly 4% to Rs 329 after the oil exploration and production firm announced buyback of its own equity shares from the public shareholders.
The stock opened at Rs 331 and touched high of Rs 333 so far on BSE. A combined around 2 million shares have changed hands on the counter on BSE and NSE.
“The board of directors of the company will be held on November 26, 2013, to consider the proposal for buy back of equity shares of the company,” Cairn India said in a regulatory filing.
Currently, the promoters held 58.76% stake in the company. The foreign institutional investors held 15.14% holdings and domestic institutional investors held 11.20% stake, while the remaining 14.9% stake are with the individual shareholders and others.
In last one year, the stock has underperformed the market by gaining just 0.12% compared to 8.97% surge in S&P BSE Sensex and 7.4% jump in CNX Nifty.
The stock opened at Rs 331 and touched high of Rs 333 so far on BSE. A combined around 2 million shares have changed hands on the counter on BSE and NSE.
“The board of directors of the company will be held on November 26, 2013, to consider the proposal for buy back of equity shares of the company,” Cairn India said in a regulatory filing.
Currently, the promoters held 58.76% stake in the company. The foreign institutional investors held 15.14% holdings and domestic institutional investors held 11.20% stake, while the remaining 14.9% stake are with the individual shareholders and others.
In last one year, the stock has underperformed the market by gaining just 0.12% compared to 8.97% surge in S&P BSE Sensex and 7.4% jump in CNX Nifty.
