Expecting $1.06 Billion Payment From India Within Weeks, Says Cairn CEO
NDTV
Cairn said Tuesday it expects its feud with the government to be resolved in the "near term," allowing the company to distribute a special dividend and buy back shares.
Cairn Energy Plc shareholders can expect a payback of as much as $700 million once the U.K. oil producer settles a long-running tax dispute with India. Cairn said Tuesday it expects its feud with the government to be resolved in the "near term," allowing the company to distribute a special dividend and buy back shares. A settlement would bring to an end a multiyear battle, during which Cairn initiated proceedings in numerous locations globally to enforce an arbitration ruling in its favor. The total payment from India should be around $1.06 billion, Cairn said in a statement. After returning cash to investors, it plans to spend the remaining proceeds on its assets. The company's shares rose as much as 8.2% in London, the biggest intraday gain in a month, and traded up 0.6% at 196.2 pence as of 8:38 a.m. local time.More Related News