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Our Bureau

Mumbai , Dec. 11

The initial public offering of Cairn India Ltd, oil and gas exploration company, oversubscribed 1.3 times on the first day of opening on Monday. Subscription by Qualified Institutional Buyers oversubscribed 2.2 times.

The share is being issued at a price band of Rs 160-Rs 190.

Cairn India has entered the capital market with a public issue of 328,799,675 equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book-building process. The construction and development work for its Rajasthan oil field would be partly funded by the IPO.

More Stories on : IPOs | Petroleum

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