New Delhi: Cairn India has raised Rs 2,534.6 crore ($625 million) through preferential allotment of shares to companies, including Petronas of Malaysia.
Petronas International Corporation Ltd (Petronas) raised its stake in Cairn India Ltd to 12.7% by subscribing to 6.33 crore equity shares out of the 11.3 crore shares sold by the company’s parent, Cairn Energy Plc.
Petronas currently has 9.93% stake in Cairn India. Orient Global Tamarind Fund Pte Ltd subscribed to 4.97 crore equity shares at Rs 224.30 a piece, a company statement said.
Following the preferential allotment, Cairn Energy’s shareholding in the company has come down to 64.86% from 68.99%. Shares of Cairn India were trading at Rs 219.10, down 4.07% in the morning trade on the BSE.