Cairn lists at 7.5-per cent discount to IPO price on BSE
10 Jan 2007
Mumbai: Cairn India debuted on the Bombay Stock Exchange with a 7.5 per cent discount to its issue price of Rs160. The stock listed at Rs148, went down to the day's low of Rs128.65 before closing at Rs137.50.
The
company raised Rs5,600 crore through its initial public
offer, including funds raised via private placement, offering
320.8 million shares to institutional and retail investors.
Cairn stands at number 31 in terms of market capitalisation
with a market cap of Rs24,273 crore. On NSE, the company's
shares listed at Rs140. The weighted average price on
BSE was Rs136.50 a share.
Cairn's sale document had said the output from its largest fields may get hindered because the Oil and Natural Gas Corporation, designated by the government to buy the oil hasn't yet planned a pipeline.
The
pipeline, which Cairn says, is to be built by a unit of
state-owned Oil & Natural Gas Corp., is 311 miles
(498 kilometers) long.
The unit, Mangalore Refinery & Petrochemicals Ltd.
will build the pipeline if Cairn shares costs or agrees
to sell crude from the fields at a discount.
