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Briefly Business: Cairn India unveils Rs5,725 crore share buyback programme

Cairn India will spend up to Rs 5,725 crore to buy back shares.

Written by Press Trust Of India | Published: November 27, 2013 1:54:49 am

New Delhi: Cairn India has said it will spend up to Rs 5,725 crore to buy back shares,a move which would help promoter Anil Agarwal-led Vedanta Group gain greater control over oil producer without putting any money. Cairn,which is sitting on a cash pile of about $3 billion,in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding,from open market at no more than Rs 335 apiece.

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