Cairn India Ltd has informed that the Board of Directors of the Company at its meeting held on March 17, 2008, inter alia, taking on board the funding requirements of the Company, has approved the proposal to issue and allot to Petronas International Corporation Ltd and / or its wholly owned subsidiary and Orient Global Tamarind Fund Pte Ltd, (the Allottee/s), on a preferential allotment basis, up to 11,30,00,000 (Eleven Crores and Thirty Lakhs) equity shares of the Company of face value Rs 10 (Rupees Ten only) each, at an issue price of Rs 224.30 (Rupees Two Hundred and Twenty Four and Thirty Paise only) which has been determined in accordance with applicable laws and guidelines.The said 11,30,00,000 equity shares of the Company to be issued to the Allottees on a preferential basis shall represent up to 5.97% of the total post issue paid up equity share capital of the Company on a fully diluted basis. Post the preferential issue to the Allottees, the aggregate shareholding of the Promoter and Promoter Group shall be up to 64.86% of the total post issue paid up equity share capital of the Company.The above proposal is subject to the satisfaction of various conditions, including obtaining necessary approvals from the shareholders.
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