Cairn Springs Leak As City Stunned by Share Placing

Evening Standard - London › July 02, 2004

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Summary

SOARAWAY oil explorer Cairn Energy saw its shares fall sharply today after it announced plans to raise around Pounds 100 million to begin development of its finds in the Indian province of Rajasthan.

Cairn said it was placing 7.5 million shares with investors after they closed at 1410p last night, close to an all-time high for the stock which has made millions for investors over the past year.

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Extract

Cairn Springs Leak As City Stunned by Share Placing

But news of the placing immediately raised questions in the City after Cai...

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