Cairn Energy Plc, UK-based oil and gas giant, is likely to sell more stakes in its Indian subsidiary - Cairn India. It has decided to divest further 67 million shares in the Indian arm at a price between Rs 307 and Rs 317, a discount to the stock’s closing price of Rs 327.50 per share on June 28, 2012.
This transaction will bring down the Cairn Energy Plc’s stake to 18.28%. It had offloaded the bulk of its holding in Cairn India to UK-based peer Vedanta Resources Plc two years ago, bringing down its stake to 21.79%.
The government has dragged the Vedanta-Cairn deal and because of which several global investors disappointed to a large extent, and Cairn Plc now wants to exit the country completely.
| Company Name | CMP |
|---|---|
| ONGC | 283.95 |
| Oil India | 452.90 |
| Jindal Drilling&Inds | 533.00 |
| Deep Industries | 465.00 |
| Asian Energy Service | 295.35 |
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