Cairn Energy PLC which holds a minority stake in the Cairn India is reportedly planning to exit. The British major is eyeing to sell its 10 percent stake in the open market. Cairn Energy has called for an annual general meeting on May 12 to seek shareholder approval to sell its entire residual stake in Cairn India.
It is open to any merger or a buyback programme involving Cairn India. It will also take shareholder approval to take part in block deals, as well as open market transactions. All this comes at a time when Vedanta, the majority shareholder in Cairn India is trying to merge the company with itself.
