Cairn India raises $ 625 millions via private placement

Thebullishtrends: As per the latest reports Cairn India has raised $625 million through private placement of 113 million shares at Rs.224.30 per share with Petronas and Orient Global Tamarind Fund Pte Limited. The net proceeds of the private placement will be used to fund capital expenditure and for general corporate purposes. As per these reports the Board of Directors of Cairn India Limited (CIL), at its meeting held on Monday, approved the placement through a preferential issue of: Ø 63,300,000 equity shares of Rs. 10 each fully paid up equity shares of the company at a price of Rs. 224.30 per share to Petronas Ø 49,700,000 equity shares of Rs. 10 each fully paid up equity shares at a price of Rs. 224.30 per share to Orient Global Tamarind Fund Pte Limited .