IFC to pick stake in Cairn India
World Bank's private lending arm IFC will invest $45 million to take a stake in Cairn India Ltd.india Updated: Oct 04, 2006 12:38 IST
World Bank's private lending arm IFC will invest $45 million to take a stake in Cairn India Ltd.
IFC in a note on its website said, "IFC is considering an equity investment in Cairn India in the form of ordinary shares of up to $45 million equivalent."
A Cairn India spokesperson confirmed IFC's interest in taking a stake but refused to divulge the exact equities that IFC will buy.
Cairn India Ltd, the Indian arm of Cairn Energy Plc of UK, is planning an initial public offer of up to 50 per cent equity shares later this year.
The spokesperson said IFC's investment would be over and above the $1 billion the lending agency is giving to Cairn India.