Cairn Energy has announced plans to change its name to Capricorn Energy, effective from 13 December.
The stock ticker will remain as CNE.
This follows an agreement at the time of the Cairn India Initial Public Offering that the name would ultimately be changed.
"Given the recent legislative change in India and our participation in the related tax refund process, we are now putting in place the planned name change," read a statement.
"The new name reflects continuity and evolution: the majority of Cairn’s subsidiaries have been known as Capricorn for some time," the update continued. "It is an established and respected name across our global operations, maintaining stakeholder confidence in our long-standing reputation for responsibility, relationships and respect."
Yesterday, the Scottish headquartered oil extraction group released an update on its ongoing Indian tax battle.
Cairn has entered into undertakings with the Government of India in order to participate in a scheme introduced by recent Indian legislation, allowing the refund of taxes previously collected in the country.
Subject to certain conditions, the Taxation Amendment Act nullifies the tax assessment originally levied against Cairn in January 2016 and orders the refund of approximately $1.06bn, which was collected from Cairn in respect of that assessment.
In order to satisfy those conditions, Cairn will commence the filing of the necessary documentation under Indian Income Tax Rules, intimating the withdrawal, termination and/or discontinuance of various enforcement actions.
Cairn stated that it is working collaboratively with the Government of India towards expediting the refund within the process of the Tax Amendment Act Rules.
The previously announced special dividend is therefore expected to be paid by early 2022.
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