Edinburgh-based Capricorn Energy — formerly called Cairn Energy — confirmed on Thursday it finally received the expected tax refund of $1.06 billion from the government of India.

The news brings to an end the long-running tax fight between Capricorn and the government of India.

The Edinburgh firm has promised shareholders a payout of up to $700 million following settlement.

 “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,” said the Edinburgh firm.