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Cairn to return $944M to shareholders

LONDON --Cairn Energy PLC, a Scotland-based oil explorer, said Tuesday it plans to return 481 million pounds (euro717 million; US$944 million) to shareholders after floating its Indian business.

Stockholders will receive 300 pence (US$5.89; euro447) a share or a B class share for every A share that they currently own, the company said in a statement.

"Following the successful flotation of Cairn India the return of cash to shareholders has been a key priority," Chief Executive Bill Gammell said.

Cairn India Ltd. shares began trading on the Bombay Stock Exchange in January.

Carn's stock slipped 0.3 percent to 1,625 pence (US$31.90; euro24.22) in London.