The Indian government has refunded ₹7,900 crore to Britain’s Cairn Energy Plc after a years-long dispute over the retrospective taxes. Cairn Energy, now known as Capricorn Energy Plc, has said the Indian government has paid the tax refund, and that the “net proceeds of USD 1.06 billion have been received.”
The British company said a circular is expected to be issued in early March “detailing the shareholder resolutions required in connection with the proposed shareholder return of up to US$700 million, comprising a US$500 million tender offer and US$200 million ongoing share repurchase programme”.
British energy major Cairn Energy had last month completed all required steps to get the ₹7,900 crore tax refund from the Government of India.
Simon Thomson, Chief Executive, Capricorn Energy PLC had earlier said Capricorn enters 2022 positioned to make another significant capital return to shareholders with the…