Cairn Energy PLC (Cairn) has completed the sale of 191,920,207 Cairn India shares to Vedanta, representing 10% of the fully diluted share capital of the company, for net proceeds of approximately $1362 million in cash. Following the sale, Cairn still remains the majority shareholder of Cairn India with 52.2% shareholding. While, the Vedanta group holds an aggregate 28.5% stake in Cairn India.
However, the sale and purchase of further 30% of the fully diluted share capital of Cairn India remains subject to the necessary consents and approvals from the Government of India.
Cairn Energy PLC is an Edinburg based oil and gas exploration and production company listed on the London Stock Exchange. Meanwhile, Cairn India which is headquartered in Gurgaon on the outskirts of Delhi and also a listed entity is subsidiary of Cairn.
