Cairn India’s board of directors at its meeting held on November 26, 2013, has approved a proposal for Buyback of the equity shares by the Company, from the open market through the stock exchange mechanism. The Company will be seeking the shareholders approval for the proposed Buyback, by way of a special resolution to be passed through postal ballot.
Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boepd in Q3 FY2012-13. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.
